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2. Price controls in the Florida orange market The following graph shows the annual market for Michigan blueberries, which are sold in units of 50-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. PRICE (Dollars per box) Graph Input Tool Market for Michigan Blueberries ? 45 20 10 22222515 50 Supply Price 20 (Dollars per box) 40 35 Quantity Demanded (Millions of boxes) 480 Quantity Supplied (Millions of boxes) 320 30 Demand 0 0 80 160 240 320 400 480 560 640 720 800 QUANTITY (Millions of boxes) In this market, the equilibrium price is $ per box, and the equilibrium quantity of blueberries is million boxes. For each of the prices listed in the following table, determine the quantity of blueberries demanded, the quantity of blueberries supplied, and the direction of pressure exerted on prices in the absence of any price controls. Price Quantity Demanded Quantity Supplied (Dollars per box) (Millions of boxes) (Millions of boxes) Pressure on Prices 30 20 True or False: A price ceiling above $25 per box is not a binding price ceiling in this market. Ο True False

2. Price controls in the Florida orange market The following graph shows the annual market for Michigan blueberries, which are sold in units of 50-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. PRICE (Dollars per box) Graph Input Tool Market for Michigan Blueberries ? 45 20 10 22222515 50 Supply Price 20 (Dollars per box) 40 35 Quantity Demanded (Millions of boxes) 480 Quantity Supplied (Millions of boxes) 320 30 Demand 0 0 80 160 240 320 400 480 560 640 720 800 QUANTITY (Millions of boxes) In this market, the equilibrium price is $ per box, and the equilibrium quantity of blueberries is million boxes. For each of the prices listed in the following table, determine the quantity of blueberries demanded, the quantity of blueberries supplied, and the direction of pressure exerted on prices in the absence of any price controls. Price Quantity Demanded Quantity Supplied (Dollars per box) (Millions of boxes) (Millions of boxes) Pressure on Prices 30 20 True or False: A price ceiling above $25 per box is not a binding price ceiling in this market. Ο True False

Essentials of Economics (MindTap Course List)
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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2. Price controls in the Florida orange market The following graph shows the annual market for Michigan blueberries, which are sold in units of 50-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. PRICE (Dollars per box) Graph Input Tool Market for Michigan Blueberries ? 45 20 10 22222515 50 Supply Price 20 (Dollars per box) 40 35 Quantity Demanded (Millions of boxes) 480 Quantity Supplied (Millions of boxes) 320 30 Demand 0 0 80 160 240 320 400 480 560 640 720 800 QUANTITY (Millions of boxes) In this market, the equilibrium price is $ per box, and the equilibrium quantity of blueberries is million boxes. For each of the prices listed in the following table, determine the quantity of blueberries demanded, the quantity of blueberries supplied, and the direction of pressure exerted on prices in the absence of any price controls. Price Quantity Demanded Quantity Supplied (Dollars per box) (Millions of boxes) (Millions of boxes) Pressure on Prices 30 20 True or False: A price ceiling above $25 per box is not a binding price ceiling in this market. Ο True False
Transcribed Image Text:2. Price controls in the Florida orange market The following graph shows the annual market for Michigan blueberries, which are sold in units of 50-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. PRICE (Dollars per box) Graph Input Tool Market for Michigan Blueberries ? 45 20 10 22222515 50 Supply Price 20 (Dollars per box) 40 35 Quantity Demanded (Millions of boxes) 480 Quantity Supplied (Millions of boxes) 320 30 Demand 0 0 80 160 240 320 400 480 560 640 720 800 QUANTITY (Millions of boxes) In this market, the equilibrium price is $ per box, and the equilibrium quantity of blueberries is million boxes. For each of the prices listed in the following table, determine the quantity of blueberries demanded, the quantity of blueberries supplied, and the direction of pressure exerted on prices in the absence of any price controls. Price Quantity Demanded Quantity Supplied (Dollars per box) (Millions of boxes) (Millions of boxes) Pressure on Prices 30 20 True or False: A price ceiling above $25 per box is not a binding price ceiling in this market. Ο True False
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