do fast. SThe Organization for the Promotion of Brussels Sprouts has convinced thegovernment 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: Enter your answers as a whole number.a. At market equilibrium, the price is $|quantity is 3 thousand bushels.b. With the price floor, the price is $is1 thousand bushels.6 per bushel and the equilibrium8 per bushel and the quantity soldc. The excess supply of Brussels sprouts produced with the price floor is3thousand bushels.

D: P = 9-QS: P = 2Q Equilibrium occurs when demand equals supply. Therefore, we calculate…

Answered: S The Organization for the Promotion of…

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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