Time Remaining: 00:4 s Question: 1 pt 34of50(21 complete) This Te nsider the mar

Question

Time Remaining: 00:4 s Question: 1 pt 34of50(21 complete) This Te nsider the market for wheat in Pakistan, llustrated in the graph at right In recent years, the vernment of Pakistan has established a support price for wheat of about $0.24 per kilogram of eat 40-1 this price, consumers are willing to purchase approximately 9 billion kilograms of wheat per year, ile Pakistani farmers are willing to grow and harvest approximately 19 billion kilograms of wheat r year. The govemment purchases and stores all surplus wheat. 32- 28- 2 hat are annual consumer expenditures on the Pakistani wheat crop?billion swer to two decimal places) round your Support billion ow much, in total, do Pakistani wheat farmers receive for the wheat they produce? ound your answer to fwo decimal places) hat are annual government expenditures on the Pakistani wheat crop? S billion (round your nswer to two decimal places) 19 Output (billions of kilograms)

Explanation / Answer

Question 1). Solution :- Annual consumption expenditure = 0.24 * 9 Billion = $ 2.16 Billion.

Question 2). Solution :- Total amount received by wheat farmers = 0.24 * 19 Billion = $ 4.56 Billion.

Question 3). Solution :- Annual government expenditure = 0.24 * (19 Billion - 9 Billon).

= 0.24 * 10 Billion

= $ 2.40 Billion.

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