Suppose that the demand for butter can be expressed by the equation Q^d=150- 15P and the supply for butter can be expressed by the equation Q^s=- 15+30P ^{where Q is measured in} millions of kilograms and P is the price per kilogram. What is the equilibrium price for butter?
If the government institutes a price support of $6 per kilogram, how much butter will the government have to purchase?

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The Answer of Suppose that the demand for butter can be expressed by the equation Q^d=150- 15P and the supply for butter can be expressed by the equation Q^s=- 15+30P ^{where Q is measured in} millions of kilograms and P is the price per kilogram. What is the equilibrium price for butter? If the government institutes a price support of $6 per kilogram, how much butter will the government have to purchase?

Suppose That the Demand for Butter Can Be Expressed by the Equation