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: Enter your answers as a whole number. a. 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 supply of Brussels sprouts produced with the price floor is thousand bushels.

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: Enter your answers as a whole number. a. 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 supply of Brussels sprouts produced with the price floor is thousand bushels.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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