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The market demand and supply functions for pork are:

QD = 2,000 - 500P and QS = 800 + 100P.

To help pork producers, the U.S. Congress is considering legislation that would put a price floor at $2.25 per unit. If this price floor is implemented, how many units of pork will the government be forced to buy to keep the price at $2.25? How much will the government spend in total? How much does producer surplus increase? How much does consumer surplus decrease? And how much is the deadweight loss? Draw a diagram and show the initial equilibrium, new price and quantity with the price floor and identify the area of deadweight loss in the diagram.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M945339

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