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Consider a market where supply and demand are given by QXS=−12+PXQXS=-12+PX  and QXd=72−2PXQXd=72-2PX . Suppose the government imposes...

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Economics

Consider a market where supply and demand are given by QXS=−12+PXQXS=-12+PX  and QXd=72−2PXQXd=72-2PX . Suppose the government imposes a price floor of $30, and agrees to purchase and discard any and all units consumers do not buy at the floor price of $30 per unit. Instructions: Enter your responses rounded to the nearest penny (two decimal places). Determine the cost to the government of buying firms’ unsold units. $ Compute the lost social welfare (deadweight loss) that stems from the $30 price floor. $

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