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Problem: Suppose a price floor of $30 is imposed by government in a competitive market where demand and supply are given by Q^d = 100 - 2P and Q^s = 5 + 3P. Calculate the resulting Q^d, Q^s and the market surplus. What will the total cost to taxpayers be if the government agrees to purchase all surplus at $30 per unit? Be detailed in your response and provide examples also.

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