How many tons the government buys

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Reference no: EM131343061

Suppose that the government imposes a price support (price floor) on processing tomatoes at $65 per ton. The government will buy as much as farmers want to sell at that price. Thus processing firms pay $65. Use the information in Problem 37 to determine how many tons firms buy and how many tons the government buys. Illustrate your answer in a supply-anddemand diagram.

Reference no: EM131343061

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