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suppose the demand function for corn is Qd=10-2 and supply function is Qs=3p-5. The government is concerned that the market equilibrium price of corn is too low and would like to implement a price support policy to protect the farmers. By implementing the price support policy, the government sets a support price and purchases the extra supply at the support price. In this case, the government sets the support price ps=4. find out the original market equilibrium price and quantity in absence of the price support policy.

Microeconomics, Economics

  • Category:- Microeconomics
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