Applications of Demand and Supply v2 (1) - Protected View - Saved to this PC References Mailings Review View Help Enable Editing files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. sn't been activated. To keep using Word without interruption, activate before Wednesday, 23 August 2023. Activate your work anywhere with the Office Mobile App | Get started ice comes with Microsoft 365 Personal. Start your subscription by Monday, 12 February 2024. | Get started Principles of Economics Problem Set 3 Applications of Demand Supply (3 marks). Use your own words to respond to the following: Question 1: Price floors In the 1970's the Australian government instituted a floor price for wool, called the Reserve Price Scheme. This was designed to guarantee Australian wool farmers a fair' price for their products A) Show the effects of such a price floor on a demand and supply diagram, and explain in writing. 8) Explain the impact of this policy on efficiency. You will need to consider consumer surplus, producer surplus and deadweight loss