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(Solved): The equilibrium price of wheat is $7 per bushel, and the equilibrium quantity is 1,400 bushels. The ...



The equilibrium price of wheat is $7 per bushel, and the equilibrium quantity is 1,400 bushels. The government agricultural support program decided to set the minimum price for wheat at $8 per bushel. As a result, the demand for wheat decreased by 9%, but the supply increased by 17%. Calculate how much money the government should spend on the purchase of wheat in order to support agricultural producers and reduce the excess of wheat. Please put your answer in a numerical form without any dollar sign, comma or decimal places.



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To calculate the amount of money the government should spend on the purchase of wheat, we first need to determ
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