Suppose that a new government is elected that wants to keep

Suppose that a new government is elected that wants to keep out the poor. It declares that the minimum price that can be charged is $4.00. If the government can enforce that price floor, will there be a surplus or a shortage? Of how many bushels? And how many bushels will actually be sold? This is part 2 of question posted. Part 1 was also posted. These are sub-parts (just fyi)

Price

Demand

Supply

5

40

170

4

60

150

3

90

90

2

100

70

1

300

Solution

As government sets the minimum price of $4 then there will be surplus because at price $4, demand is 60 while supply is 150

Hence, surplus = 90 bushels. Actual number of bushels sold = 60