2. Price controls in the Michigan orange marketThe 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 graphNote: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.PRICE (Dolars per box)2=2*2*2225040358xSupplyDemand50 100 150 200 250 300 350 400 450 500QUANTITY (Milions of boxes)Graph Input ToolMarket for Michigan BlueberriesPrice(Dollars per box)QuantityDemanded(Millions of boxes)15500Quantity Supplied(Hons of boxes)Ⓡ210 For each of the prices listed in the following table, determine the quantity of blueberries demanded, the quantity of blueberries supplied, and thedirection of pressure exerted on prices in the absence of any price controls.PriceQuantity Demanded(Dollars per box) (Millions of boxes)1535True or False: A price ceiling above $25 per box is a binding priceing in this market.TrueQuantity Supplied(Millions of boxes) Pressure on PricesFalseBecause it takes six to eight years before newly planted blueberry plants reach full production, the supply curve in the short run is almost vertical. Inthe long run, farmers can decide whether to plant blueberries on their land, to plant something else, or to sell their land altogether. Therefore, thelong-run supply of blueberries is much more price sensitive than the short-run supply of blueberries.Assuming that the long-run demand for blueberries is the same as the short-run demand, you would expect a binding price ceiling to result in ain the long run than in the short run.that is

This can be defined as a concept that shows the interference of the government in the market, In…

2. Price controls in the Michigan 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. Graph Input Tool Market for Michigan Blueberries

2. Price controls in the Michigan 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. Graph Input Tool Market for Michigan Blueberries

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

2. Price controls in the Michigan 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 (Dolars per box)
2=2*2*222
50
40
35
8x
Supply
Demand
50 100 150 200 250 300 350 400 450 500
QUANTITY (Milions of boxes)
Graph Input Tool
Market for Michigan Blueberries
Price
(Dollars per box)
Quantity
Demanded
(Millions of boxes)
15
500
Quantity Supplied
(Hons of boxes)
Ⓡ
210

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
(Dollars per box) (Millions of boxes)
15
35
True or False: A price ceiling above $25 per box is a binding priceing in this market.
True
Quantity Supplied
(Millions of boxes) Pressure on Prices
False
Because it takes six to eight years before newly planted blueberry plants reach full production, the supply curve in the short run is almost vertical. In
the long run, farmers can decide whether to plant blueberries on their land, to plant something else, or to sell their land altogether. Therefore, the
long-run supply of blueberries is much more price sensitive than the short-run supply of blueberries.
Assuming that the long-run demand for blueberries is the same as the short-run demand, you would expect a binding price ceiling to result in a
in the long run than in the short run.
that is

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