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BUS102 Economics For Business

tag 0 Download 3 Pages / 671 Words tag 18-11-2020


a. The US Farm Bill 2012 indicates that the domestic price of wheat is set at $300 per tonne, which is above the market equilibrium level of $250 per tonne, in order to support for domestic wheat growers. On a graph, show and explain the impact on the equilibrium quantity and price of wheat
b. On a graph, explain the change the consumer surplus, producer surplus and the deadweight loss in the domestic wheat market. Assume that the US does not trade wheat internationally.
c. Calculate the changes in consumer surplus, producer surplus and deadweight loss.
d. Is the outcome of the US Farm Bill fair? Critically discuss. Your discussion should reflect the fair rules and fair results notions of fairness.
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