Market demand function

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Reference no: EM13771212

The market demand function for corn is Qd = 15 - 2P and the market supply function is Qs = 5P - 6, both measured in billions of bushels per year. Suppose the government wants to raise the price to $4 per bushel. Describe both graphically and algebraically how this could be done with EACH of the following: a price ceiling (floor), a price support, and a quota.

Reference no: EM13771212

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