Lesson 7
5. The demand for okra is given by: QD= 330-2P. The supply of okra is given by:QS= 8P -570. The government hasimplemented a price floor of $145.
Calculate producer surplus with the pricefloor.
(Do not include a $ sign in your response. Round to thenearest two decimal places if necessary.)
6. The demand for corn is given by: QD= 240-P. The supply of corn is given by: QS=9P -760.
The government has a price support policy of$180.
Calculate the dollar amount of government expenditures for theprice support policy.
(Do not include a $ sign in your response. Round to thenearest two decimal places if necessary.)
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