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Determine the excess supply at the floor price

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Reference no: EM132336326

Question

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

Reference no: EM132336326

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