Given the government policy how much will be sold on the, Ask an Expert

Economics

Suppose the government gives a guaranteed minimum price for sugar of $.25 cents a pound - and agrees to purchase any surplus which is subsequently destroyed.

Demand and Supply are:
Qd = 200,000 - 350,000P
Qs = 650,000P

Given the government policy, how much will be sold on the private market, that is, how much will consumers buy without government purchases? How much sugar will government purchase?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M959875

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