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Determine the excess supply at the floor price

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    Assignment Help >> Business Management


    Consider a market where supply and demand are given by QxS= -16+ Px — Supply curve

    QxD=92-2Px  — Demand Curve

    Suppose that the government imposes a price floor of $40 and agrees to purchase any and all units consumers do not buy at the floor price of $40 per unit.

    Determine the excess supply at the floor price.

    Determine the cost to the government of buying all unsold units of the good

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