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QUESTION
Suppose market demand and supply are given by Q d = 100 - 2P and Q S = 5 + 3P.
Suppose market demand and supply are given by Qd= 100 – 2P and QS= 5 + 3P. If the government sets a price floor of $20 and agrees to purchase all surplus at $20 per unit, the total cost to the government will be what?
