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Consider the following supply and demand functions
qp = 12 - 2p
qs = -3 + 3p
Suppose a price floor of p = 4 was implemented.
- How much is supplied to the market and how much is demanded
- What is the excess supply
- Calculate the consumer surplus, producer surplus, and welfare level without the price floor
- Calculate the consumer surplus, producer surplus, welfare level and dead weight loss with this price floor
- What if the price ceiling were p = 2? How would our results change?
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