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Suppose that supply of maple syrup can be described by Qs= -2 + 2P and the demand for maple syrup can be described by Qd=
Suppose that supply of maple syrup can be described by Qs= -2 + 2P and the demand for maple syrup can be described by Qd= 63 - 3P. a. Solve for the equilibrium price and quantity. b. Make a diagram illustrating the supply and demand in this market. Label all intercepts and the intersection. c. What if the government decides that the price of syrup is too low, and forbids sellers from selling syrup at less than $14. Add this to the graph you made in part b. d. What problem will inevitably arise as the gov't attempts to keep prices at $14 a bottle
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