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Program on production and economic efficiency

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Reference no: EM132319561

Demand for rice is given by P=100-Q and the supply of rice is given by P=Q-20. The government imposes a guaranteed price of R60 for rice. What will be the impact of the program on production and economic efficiency? Specifically, what price will consumers pay, what price will sellers receive, and how much money will government pay?

Reference no: EM132319561

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