Cost of feeding cows shifts the supply schedule

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Suppose that a decrease in the cost of feeding cows shifts the supply schedule to the right by 40 million pounds at every price. c. Fill in the new supply schedule given the change in the cost of feeding cows. Wholesale Butter Market Price (dollars per pound) Quantity of Butter Demanded (millions of pounds) Initial Quantity of Butter Supplied (millions of pounds) New Quantity of Butter Supplied (millions of pounds) $0.80 107 63 0.90 104 71 1.00 101 79 1.10 98 87 1.20 95 95 1.30 92 103 1.40 89 111 1.50 86 119 1.60 83 127 1.70 80 135 1.80 77 143 d. Given the new supply for butter, what is the monthly surplus of butter created by the price support program?

Reference no: EM131164891

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