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.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter4: Markets In Action

Section: Chapter Questions

Problem 1SQ

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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 – Qand supply by:P = 2Q,where Q is measured in thousands of bushels.Instructions: Round your answers to the nearest 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 quantity supplied of Brussels sprouts produced with the price floor is thousand bushels.
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