2. Price controls in the Florida orange marketThe following graph shows the annual market for Florida oranges, which are sold in units of 90-pound boxes.Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.Graph Input ToolMarket for Florida Oranges50I Price(Dollars per box)4515Supply40QuantityDemanded(Millions of boxes)ity Supplied(Mmons of boxes)17412635302520bupand151030 60 90 120 150 180 210 240 270 300QUANTITY (Millions of boxes)In this market, the equilibrium price is $per box, and the equilibrium quantity of oranges ismillion boxes.For each of the prices listed in the following table, determine the quantity of oranges demanded, the quantity of oranges supplied, and the direction ofpressure exerted on prices in the absence of any price controis.PriceQuantity DemandedQuantity Supplied(Dollars per box)(Millions of boxes)(Millions of boxes)Pressure on Prices3515True or False: A price ceiling below $25 per box is not a binding price ceiling in this market.O TrueO FalseBecause it takes many years before newly planted orange trees bear fruit, the supply curve in the short run is almost vertical. In the long run, farmerscan decide whether to plant oranges on their land, to plant something else, or to sell their land altogether. Therefore, the long-run supply of oranges ismuch more price sensitive than the short-run supply of oranges.Assuming that the long-run demand for oranges is the same as the short-run demand, you would expect a binding price ceiling to result in av that isin the long run than in the short run.PRICE (Dollars per bax)

2. Price controls in the Florida orange market The following graph shows the annual market for Florida oranges, which are sold in units of 90-pound boxes. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market for Florida Oranges IPrice (Dollars per box) 46 15 Supply 40 Quantity Bemanded (Miions of boxes) Quantity Supplied (Mimons of boxes) 174 120 30 25 20 16 Dupand 10 30 0 00 120 150 180 210 240 270 300 QUANTITY (Millians af boxes) PRICE (Dolars per bax)

2. Price controls in the Florida orange market The following graph shows the annual market for Florida oranges, which are sold in units of 90-pound boxes. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market for Florida Oranges IPrice (Dollars per box) 46 15 Supply 40 Quantity Bemanded (Miions of boxes) Quantity Supplied (Mimons of boxes) 174 120 30 25 20 16 Dupand 10 30 0 00 120 150 180 210 240 270 300 QUANTITY (Millians af boxes) PRICE (Dolars per bax)

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 11PA

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