Question
Demand: P = 200-1.5Q Supply: P = 50 + Q where P is the price per acre, and Q represents quantity of grasslands, represented in
Demand: P = 200-1.5Q
Supply: P = 50 + Q
where P is the price per acre, and Q represents quantity of grasslands, represented in acres consumed per week.
a) Calculate the equilibrium price and quantity of grasslands before the subsidy.
b) a price floor of $140 per acre. With this new price floor, what will be the new quantity be?
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The Chinese Economy Transitions And Growth
Authors: Barry Naughton
1st Edition
0262640643, 9780262640640
