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Determining the shortage of wheat

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The demand for wheat is P = 800 - 3.75Q while the supply is P = 0.25Q.

(a) Suppose the government imposes a price support (price floor) of P = 80. How much is the surplus of wheat? Show your work.

(b) Suppose the government imposes a price floor of P = 35. How much is the shortage of wheat? Show your work.

Reference no: EM131376078

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