Test: Final Exam This Question:6 pts This Test: 215 pts The graph shows the mark

Question

Test: Final Exam This Question:6 pts This Test: 215 pts The graph shows the market for raspberries. The government introduces a price support for raspberries and sets the support price at $8.00 a pound. After the government introduces the price support, what is the quantity of raspberries produced, the quantity of raspberries demanded, and the surphus? What is the amount of the subsidy received by raspberry farmers? The quanity of raspberries produced is bilion pounds and the quantity of raspberries demanded is bilion pounds The surphs is[-]billion pounds. The subsidy received by raspberry farmers is s blion

Explanation / Answer

Quantity produced is 12 billion pounds and demand is 4 billion pounds. The surplus is 8 billion pounds. The subsidy received by farmers is 2*4=8 billion

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