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The traditional diet of the citizens of the nation of Ironia includes a lot of red meat, and ranchers make up a vital part of

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The traditional diet of the citizens of the nation of Ironia includes a lot of red meat, and ranchers make up a vital part of Ironia's economy. The government of lronia decides to support its ranchers through a price floor, which it will maintain by buying up excess meat supplies. The table below shows the supply and demand schedule for red meat; quantities are given in thousands of pounds. Quantity Demanded Quantity Supplied Price ($) (thousands of pounds) (thousands of pounds) 5 80 4 | 3 0 @60 00| Instructions: For Part a, enter your answers in thousands (i.e., 35 for 35,000 pounds). a. How many thousands of pounds of meat would you recommend that the government purchase to keep the price at $4 per pound? thousand pounds b. How much money should the government budget for this program? S ]

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