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.
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.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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