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In Paris, demand function for croissant is given by q=435-4p, and supply is q=15+8p, where is p is the price of one croissant. The local government decides to make it illegal to sell croissant for a price above 21 per croissant. To avoid shortage, the local government agrees to pay bakers enough of a subsidy for each croissant so as to make supply equal demand. How much would the subsidy per croissant have to be?
In Paris, demand function for croissant is given by q=435-4p, and supply is q=15+8p, where is p is the price of one croissant. The local government decides to make it illegal to sell croissant for a price above 21 per croissant. To avoid shortage, the local government agrees to pay bakers enough of a subsidy for each croissant so as to make supply equal demand. How much would the subsidy per croissant have to be?
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25 Dec 2021
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