Based on Department of Agriculture statistics, U.S. demand for potatoes is estimated to be . In turn, industry supply is . a. Find the equilibrium price and quantity. Graph the supply and demand equations and plot the equilibrium results on the graph. b. Suppose that the government imposes a price floor of $4. Illustrate the price floor on the graph. What would be the effect of this price floor in the market (i.e. effect on consumer surplus, producer surplus, deadweight loss)?

Based on Department of Agriculture statistics, U.S. demand for potatoes is estimated to be QD=18420P. In turn, industry supply is QS=124+4P. a. Find the equilibrium price and quantity. Graph the supply and demand equations and plot the equilibrium results on the graph. b. Suppose that the government imposes a price floor of $4. Illustrate the price floor on the graph. What would be the effect of this price floor in the market (i.e. effect on consumer surplus, producer surplus, deadweight loss)