Question

3. Table 3.4 shows the market for mandarin oranges in the country of Preswar. a. What are the equilibrium values of price and quantity? Price: Quantity: b. Suppose that government imposes a price floor that is $0.20 different from the present equilibrium price. What would be the resulting shortage or surplus? (Shortage/surplus): Amount: C. Suppose instead that goverment imposes a price ceiling that is $0.20 different from the present equilibrium price. What would be the resulting shortage or surplus? (Shortage/surplus): Amount:
Table 3.4
price per killo/quantity demanded/quantity supplied
$1.00/850/100
$1.10/800/200
$1.20/750/300
$1.30/700/400
$1.40/650/500
$1.50/600/600
$1.60/550/700
$1.70/500/800

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Answer 1

Answer:

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Explanation:

shows the market for mandarin oranges in the country of Preswar. a. What are the equilibrium values of price and quantity? Price: Quantity: b. Suppose that government imposes a price floor that is $0.20 different from the present equilibrium price. What would be the resulting shortage or surplus? (Shortage/surplus): Amount: c. Suppose instead that government imposes a price ceiling that is $0.20 different from the present equilibrium price. What would be the resulting shortage or surplus? (Shortage/surplus): Amount: TABLE 3.4 Quantity Demanded 850 800 750 Quantity Supplied 100 200 Price per Kilo $1.00 1.10 1.20 1.30 1.40 1.50 1.60 1.70 700 650 600 600 550 500 700 800 Type answers below for a,b,c:

4. Figure 3.20 depicts the market for blueberries in the country of Roni. a. Suppose that in an attempt to boost the price of blueberries for its farmers, the government of Roni introduces a quota that limits the total amount that farmers can sell to 200 000 kilos. What is the maximum price at which this quantity could be sold? b. What would be the farmers' total revenue as a result of the quota? c. What if this government decides, instead of using a quota, to introduce a price floor of $1.20 per kilo? What would be the surplus/shortage and the resulting total revenue of farmers? Surplus/shortage: Total revenue: $ Price 600 100 200 300 400 500 Quantity of blueberries (thousands of kilos) FIGURE 3.20