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Developed countries often intervene in their agricultural industries, using price oors or quotas (supply management). As an economist in the Department of Agriculture you have estimated the demand to be P = 640 100d and supply to be P = 280 + 2Q5 for the sheep industry. You have been asked to evaluate two policy choices. Quantities are in tons. a) To begin with, there are no interventions. Find the equilibrium Q and P. b) thion 1: Price oor = $360, the government buys up any excess supply. Find Qd. Q5, excess supply, and the cost to the government. Excess Supply Cost = c) thion 2: Quota = 22. Find the corresponding consumer price at this quantity supplied. d) Which of the above policies will minimize the cost to the government? 0 Price oor 0 Quota O Uncertain/Neither