Question 17 8 pts The equation of the market demand and supply for carrots are as follows: P = 50 - 4Q P = 25 + Q where P is price per kilo and Q is in thousands of kilos Requirement 1: Calculate the equilibrium price and quantity Requirement 2: Supposed the government imposes a price floor of 32 per kilo as a farm support measures and agrees to buy any surplus resulting from this program, calculate the cost of this policy to the government. Requirement 3: Why is imposition of price ceiling, let us say 32 per kilo, not effective as a price control policy? Explain in not more than 5 sentences