Beef Market
QD = 599,950 – 1.50P
QS = -50 + 3.5P
Q = quantity (ton)
P = price (Rp/kg)
Question:
•What will be the welfare impact if the government imposes a minimum price of beef Rp 150,000/kg (change in CS, PS, G)
If the government has to buy the excess supply, what is the government expenditure?
