ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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S
The Organization for the Promotion of Brussels Sprouts has convinced the
government of Ironia to institute a price floor on the sale of Brussels sprouts, at
$8 per bushel. Demand is given by:
P=9-Q
and supply by:
P = 2Q,
where Q is measured in thousands of bushels.
Instructions: Enter your answers as a whole number.
a. At market equilibrium, the price is $|
quantity is 3 thousand bushels.
b. With the price floor, the price is $
is
1 thousand bushels.
6 per bushel and the equilibrium
8 per bushel and the quantity sold
c. The excess supply of Brussels sprouts produced with the price floor is
3thousand bushels.
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Transcribed Image Text:S The Organization for the Promotion of Brussels Sprouts has convinced the government of Ironia to institute a price floor on the sale of Brussels sprouts, at $8 per bushel. Demand is given by: P=9-Q and supply by: P = 2Q, where Q is measured in thousands of bushels. Instructions: Enter your answers as a whole number. a. At market equilibrium, the price is $| quantity is 3 thousand bushels. b. With the price floor, the price is $ is 1 thousand bushels. 6 per bushel and the equilibrium 8 per bushel and the quantity sold c. The excess supply of Brussels sprouts produced with the price floor is 3thousand bushels.
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