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Government imposes a price floor

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Reference no: EM132461287

Consider a market where supply and demand are given by QXS = -18 + PX and QXd = 78 - 2PX. Suppose the government imposes a price floor of $36, and agrees to purchase any and all units consumers do not buy at the floor price of $36 per unit. Assume that the government simply removes product from the market through its purchase.

Reference no: EM132461287

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