Define the term market.

b) (i) If the government sets a guarantee price of 150 FCFA per packet of bread, the name given to such a price is a price floor or a support price*. This is a minimum price set by the government, typically above the equilibrium price, to protect producers.

b) (ii) Calculate the costs to the government if it imposes a price of 300 FCFA per packet of bread and decides to buy the excess in the market. From Table 2, at a price of 300 FCFA: Quantity supplied = 400 packets Quantity demanded = 150 packets Excess supply = Quantity supplied - Quantity demanded

Cost to the government = Excess supply $\times$ Price

b) (iii) Calculate the price elasticity of demand if the price of bread falls from 250 FCFA to 200 FCFA per packet and identify whether it is elastic or inelastic. Using the midpoint formula for Price Elasticity of Demand (PED):

From Table 2: At $P_1 = 250$ FCFA, $Q_1 = 300$ packets. At $P_2 = 200$ FCFA, $Q_2 = 450$ packets.

Change in Quantity ($\Delta Q$) = $450 - 300 = 150$
Change in Price ($\Delta P$) = $200 - 250 = -50$
Average Quantity = $(300 + 450) / 2 = 750 / 2 = 375$
Average Price = $(250 + 200) / 2 = 450 / 2 = 225$

The absolute value of PED is $|-1.8| = 1.8$.
Since $1.8 > 1$, the demand is elastic.
The final answer is $\boxed{\text{PED} \approx -1.8 \text{ (elastic)}}$