1.) Use the rectangle drawing tool to shade in the revenue received by kumquat producers before the price floor. Properly label the shaded area. 2.) Use the rectangle drawing tool to shade in the revenue received by kumquat producers after the price floor. Properly label the shaded area. 3.) Use the rectangle drawing tool to shade in the area representing the amount the government spends to purchase surplus kumquats. Properly label the shaded area.
1.) Use the rectangle drawing tool to shade in the revenue received by kumquat producers before the price floor. Properly label the shaded area. 2.) Use the rectangle drawing tool to shade in the revenue received by kumquat producers after the price floor. Properly label the shaded area. 3.) Use the rectangle drawing tool to shade in the area representing the amount the government spends to purchase surplus kumquats. Properly label the shaded area.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Price
45-
40-
35-
30-
25-
20-
15-
10-
5-
04
Supply
Price floor
Revenue with the price floor
Revenue before price controls
Demand
Government expenditures
30 60 90 120 150 180 210 240 270
Quantity of kumquats (millions of crates per year)
Transcribed Image Text:1.) Use the rectangle drawing tool to shade in the revenue received by kumquat
producers before the price floor. Properly label the shaded area.
2.) Use the rectangle drawing tool to shade in the revenue received by kumquat
producers after the price floor. Properly label the shaded area.
3.) Use the rectangle drawing tool to shade in the area representing the amount
the government spends to purchase surplus kumquats. Properly label the
shaded area.
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