How to solve this [Q: 9-5176249] Consider the market for an agricultural commodity. The direct market demand curve is Q(P) = 360 – 15P and the direct market supply curve is Q(P) = 15P.At the market equilibrium, what quantity will be sold and for what price?Quantity: 180. (Round your answer to the nearest whole number and use it in subsequent calculations).Price: 12. (Round your answer to the nearest whole number and use it in subsequent calculations).Suppose the government imposes a price floor at P=$18 and uses a deficiency payment program to implement the floor. What quantity will be sold and what prices will consumers andproducers face under this policy?Quantity:(Round your answer to the nearest whole number and use it in subsequent calculations).Price consumers pay: (Round your answer to the nearest whole number and use it in subsequent calculations).Price producers receive:. (Round your answer to the nearest whole number and use it in subsequent calculations).What is the welfare impact of this policy?Change in consumer surplus: . (Round your answer to one decimal place; Include a negative sign when appropriate).Change in producer surplus:(Round your answer to one decimal place; Include a negative sign when appropriate).Government expenditure:(Round your answer to one decimal place; Enter as a positive number).Change in social surplus:(Round your answer to one decimal place; Include a negative sign when appropriate).

Given Qd = 360 – 15P Qs = 15P Equilibrium where D = S 360 – 15P = 15P P = 12 Quantity = 15(12) = 180

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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How to solve this

[Q: 9-5176249] Consider the market for an agricultural commodity. The direct market demand curve is Q(P) = 360 – 15P and the direct market supply curve is Q(P) = 15P.
At the market equilibrium, what quantity will be sold and for what price?
Quantity: 180. (Round your answer to the nearest whole number and use it in subsequent calculations).
Price: 12. (Round your answer to the nearest whole number and use it in subsequent calculations).
Suppose the government imposes a price floor at P=$18 and uses a deficiency payment program to implement the floor. What quantity will be sold and what prices will consumers and
producers face under this policy?
Quantity:
(Round your answer to the nearest whole number and use it in subsequent calculations).
Price consumers pay: (Round your answer to the nearest whole number and use it in subsequent calculations).
Price producers receive:. (Round your answer to the nearest whole number and use it in subsequent calculations).
What is the welfare impact of this policy?
Change in consumer surplus: . (Round your answer to one decimal place; Include a negative sign when appropriate).
Change in producer surplus:
(Round your answer to one decimal place; Include a negative sign when appropriate).
Government expenditure:
(Round your answer to one decimal place; Enter as a positive number).
Change in social surplus:
(Round your answer to one decimal place; Include a negative sign when appropriate).

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