Problem
In recent years, the government of Pakistan has established a support price for wheat of about $0.20 per kilogram of wheat. At this price, consumers are willing to purchase 10 billion kilograms of wheat per year, while Pakistani farmers are willing to grow and harvest 18 billion kilograms of wheat per year. The government purchases and stores all surplus wheat.
a. What are annual consumer expenditures on the Pakistani wheat crop?
b. What are annual government expenditures on the Pakistani wheat crop?
c. How much, in total, do Pakistani wheat farmers receive for the wheat they produce?
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.