Consider a market where supply and demand are given by Q X S = -18 + P
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Question:
Consider a market where supply and demand are given by QXS= -18 + PXand QXd= 78 - 2PX. Suppose the government imposes a price floor of $36, and agrees to purchase any and all units consumers do not buy at the floor price of $36 per unit. Assume that the government simply removes product from the market through its purchase.
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