Explain the procedure of formation of price through government in the interest of producers/over and above equilibrium price/minimum support price/price flooring. 6 Marks
It will be good if answer can be provided in points.
The determination of price and quantity of output is already given in our study material. Follow the given link and scroll down to the topic' Price floor or minimum support price' to view the same.
https://www.meritnation.com/cbse/class12-commerce/studymaterial/economics/introductory-microeconomics/market-equilibrium/338_1984_5824#slide4_price-ceiling-price-floor-and-wage-determination
https://www.meritnation.com/cbse/class12-commerce/studymaterial/economics/introductory-microeconomics/market-equilibrium/338_1984_5824#slide4_price-ceiling-price-floor-and-wage-determination