Problem
The following are the demand and supply functions of all-purpose flour:
QD = 6000 - 3000 P
QS = 2400 + 3000 P
(a) Find the equilibrium price and quantity.
(b) If the government imposes a price floor of $1.20 on this commodity, what would happen to the quantities demanded and supplied?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.