. At market equilibrium, the price is $ per bushel and the equilibrium quantity is thousand bushels. b. With the price floor, the price is $ per bushel and the quantity sold is thousand bushels. c. The excess quantity supplied of Brussels sprouts produced with the price floor is thousand bushels.
. At market equilibrium, the price is $ per bushel and the equilibrium quantity is thousand bushels. b. With the price floor, the price is $ per bushel and the quantity sold is thousand bushels. c. The excess quantity supplied of Brussels sprouts produced with the price floor is thousand bushels.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
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: Round your answers to the nearest whole number.
a. At marketequilibrium, the price is $ per bushel and the equilibrium quantity is thousand bushels.
b. With the price floor, the price is $ per bushel and the quantity sold is thousand bushels.
c. Theexcess quantity supplied of Brussels sprouts produced with the price floor is thousand bushels.
P = 9 – Q
and supply by:
P = 2Q,
where Q is measured in thousands of bushels.
Instructions: Round your answers to the nearest whole number.
a. At market
b. With the price floor, the price is $ per bushel and the quantity sold is thousand bushels.
c. The
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