How much would the government need to spend to achieve this

Reference no: EM131248414

Suppose that demand and supply curves in the market for corn are Q^d = 20,000 - 50P and Q^s = 30P. Suppose that the government would like to see the price at $300 per unit and is prepared to artificially increase demand by initiating a government purchase program. How much would the government need to spend to achieve this? What is the total deadweight loss if the government is successful in its objective?

Reference no: EM131248414

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