Problem
Suppose that demand and supply curves in the market for corn are Qd = 20,000 - 50P and Qs = 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?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.