3 Explain how a price support in the market for an agricultural product creates a surplus, inefficiency, and unfairness.

Explained below

Explanation:

- A price support in the market for an agricultural product will increase the quantity that's produced and also decrease the quantity being consumed which will in turn create a surplus.

- Now, to maintain this support price, the government usually will buy the surplus and then subsidize the producer.

- This price support will be of great benefit to the producer but on the other hand it will cost the consumer/taxpayer more than the producer will profit thereby creating a deadweight loss.

- In summary, this price support can be said to be inefficient and is normally unfair.

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you will have $2593.74 in 10 years if you set aside $1,000 at 10%

you will have $9321.91 in 20 years if you set aside $2000 at 8%

you will have $1469.32 in 5 years if you set aside $1000 at 8%

you will have $1296.87 in 10 years if you set aside $500 at 10%

you will have $239.66 in 15 years if you set aside $100 at 6%

you will have $4660.96 in 20 years if you set aside $1000 at 8%