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Could you show step by step please. 45) Consider the market for milk in Saskatchewan. If P is the price for milk (in cents per

Could you show step by step please.

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45) Consider the market for milk in Saskatchewan. If P is the price for milk (in cents per liter) and Q is the quantity of liters (in millions per month), suppose that the demand and supply curves for milk are given by the following equations: Demand: P=225-15Q Supply: P=25+35Q a) Assuming that there is no government intervention in this market, what is the equilibrium quantity and price? b) Now suppose that the government guarantees the milk producers a price of $2 per liter and promises to buy any amount of milk that the producers cannot sell. What is the quantity demanded and the quantity supplied at this floor price? c) Now suppose that the government used a quota system instead of a price floor to regulate the milk market. The quota is 1.67 million liters of milk per month. What price would consumers now pay for milk

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