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The supply and demand for almonds are QD = 80 - 10P and QS = 10P, where P is price per bag and Q measures hundreds of bags per day.
a. What are the equilibrium price and quantity?
b. Calculate consumer and producer surplus.
c. Suppose the government imposes a price floor of $7 per bag. Is there a shortage or surplus of almonds? If so, what size is it?
d. Calculate consumer and producer surplus with the price floor.
e. What is the size of the deadweight loss?
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