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In Problem # 3, you will plot demand and supply curves in Excel to show whether shortage or surplus was created when government impose price
In Problem # 3, you will plot demand and supply curves in Excel to show whether shortage or surplus was created when government impose price floor. View this video to complete the questions below: https://www.youtube.com/watch?v=YWiuxFPEm4A Given this hypothetical demand and supply schedule for corn , in which all quantities are in millions of bushels per year, respond to the questions below: Price per Quantity Quantity bushel Demanded Supplied 9 3 3.00 $ CO 4 4.00 5 5.00 6 6 6.00 $ 7.00 S 4 8 8.00 9 9.00 . Use the same Excel template to graph demand and supply curve for corn. . Label the equilibrium quantity and price . Let's suppose that the government now imposes a "price floor " at $7 per bushel. Show the effect of this government policy graphically
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