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Question: 5 suppose the canadian government quotdumpsquot 10 million tons of...

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5. Suppose the Canadian Government dumps 10 million tons of wheat on the U.S. market, that is, all the wheat will be sold regardless of price. Assume t prior to this action, all wheat in the U.S. wheat market was produced and consumed in the U.S.. hat a) Using a supply and demand diagram, show the effect this action will have orn the equilibrium price and quantity of wheat in the U.S. market. b) At the new equilibrium price, what will be the total U.S, wheat production on your diagram? Label carefully. c) What will be the effect of the dumping on the total revenues (Price* Quantity)of U.S. wheat farmers? Illustrate using a supply and demand diagram. 6. The U.S. government publishes unemployment and inflation data monthly (www.bls.gov) and data on economic growth on a quarterly basis www.bea.gov). Extending the data presented in chapter 5 of your text for these three measures, and beginning with the 2008-2009 recession, describe the performance of the U.S. economy over the last ten years. Note any significant deviations from long term trends.
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