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The demand for potatoes is:Q = 20 - P The supply of potatoes is:Q=2 +P Quantities are in million hundredweight (cwt.) and price is dollars
The demand for potatoes is:Q = 20 - P
The supply of potatoes is:Q=2 +P
Quantities are in million hundredweight (cwt.) and price is dollars per cwt.
The government establishes a support price for potatoes of $12 per cwt. (100 pounds) and are willing to buy up surplus potato at that price, indicate in your graph the quantity supplied, quantity demanded, and quantity purchased by the government.The units are million cwt., how much money is required for the government purchases?Show this amount in your graph.
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