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A. If we examine the market for rice in Pakistan during theyear 2007 and 2009, the demand of rice was higher in the year 2007 but it fell downduring the year 2009, due to the drop in the export demand of rice. But the Government wants to keep the price of rice at higher level. The given equations show the quantity demanded and quantity supplied of rice during the year 2007.
Year 2007: Demand: Qd = 1,600 - 125PYear 2007 Supply: Qs = 440 + 165P
a. Calculate the market clearing price level andquantity in the year 2007, in that year there were no effective limitations on the production of rice.
b. Why the government wants to keep the price athigher level i.e. to $5.50 when there is decline in export demand. Will it effect on thequantity demanded or quantity supplied equation and curve andhow much?
c. Now with the help of new quantity equationcalculate what should be the quantity of rice which the government must buy?
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