7 . Problems and Applications Q2 The following graph shows the market for cheese. Suppose the government decides to impose a price floor of $8 per pound in the cheese market A price floor of $8 per pound of cheese be binding. Use the grey point (star symbol) to indicate the price of cheese and the quantity demanded after the price floor of $8 per pound is implemented. Then use the green point (triangle symbol) to indicate the price of cheese and the quantity supplied at the same price noor Arms Supply Price of Cheese (Dollars per pound) Price and Demand Price and 9CENGAGE|MINDTAP Q Sourch this course Chapter 6 HW udy Took Bupper 1 Tips Supply Tips YOU Her Arms with a price floor of so per pound of choma, then will be True or Fang: The price floor of s8 per pound of cheese reduces the total revinge of moste producerPrice C Demand Tips Price and Tips 10 DU Quantity of Cheese (Thousands of pounds) With a price floor of 48 per pound of cheese, there will be T; of cheese: sen: Arms True or False: The price floor of $8 per pound of cheese reduces the total revenue of cheese producers. True O False Suppose the government imposes a binding price floor In the cheese market and agrees to purchase all the surplus cease at the price floor Compared to the basic price floor, w benefit from this new policy and Grade It Now Save A Continue Control without saving Math.1210-Sylludocx D MP 3,2 Spring 2 PpIN Syll. docx Workshoot 3.pdf