Perform the operations and simplify. 
Definitions:
Quantity Supplied
The amount of a good or service that producers are willing to sell at a given price over a certain period of time.
Quantity Demanded
The overall volume of a good or service that customers are ready and financially able to acquire at a certain price point.
Price Floor
A government-imposed minimum price charged for a commodity, intended to ensure fair conditions for producers.
Equilibrium Price
Equilibrium price refers to the price point in the market where the amount of goods provided matches the amount of goods consumers want to buy.
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