macro question 3 ### Demand and Supply Analysis of OrangesFor each of the prices listed in the following table, determine the quantity of oranges demanded, the quantity of oranges supplied, and the direction of pressure exerted on prices in the absence of any price controls.#### Price, Quantity Demanded, Quantity Supplied, and Pressure on Prices:| **Price (Dollars per box)** | **Quantity Demanded (Millions of boxes)** | **Quantity Supplied (Millions of boxes)** | **Pressure on Prices** ||-----------------------------|--------------------------------------------|--------------------------------------------|-----------------------|| 20 | | | ◀️ ▼ ▶️ || 30 | | | ◀️ ▼ ▶️ |**Questions:**A price ceiling below $25 per box in this market will ___________.*Options for the blank:*- Raise prices- Lower prices- Not affect prices- Create a shortage**Discussion:**Because 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, farmers can 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 is much 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 price ceiling that is set below the equilibrium price to result in a ___________ that is ___________ in the long run than in the short run.*Options for the blanks:*- Surplus / larger- Surplus / smaller- Shortage / larger- Shortage / smaller**Explanation:**- The graph in the image depicts two sets of columns labeled "Quantity Demanded" and "Quantity Supplied" for two different prices ($20 and $30 per box). - Arrows represent the pressure on prices in terms of upward, downward, or neutral pressure at these price points. ### 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 DescriptionThe graph represents the supply and demand curves for Florida oranges, with the price per box (in dollars) on the vertical axis and the quantity of oranges (in millions of boxes) on the horizontal axis. The curves intersect at the equilibrium point where supply equals demand.- **Supply Curve:** This curve slopes upwards, indicating that as the price increases, the quantity supplied increases.- **Demand Curve:** This curve slopes downwards, indicating that as the price increases, the quantity demanded decreases.- **Equilibrium Point:** The intersection of the supply and demand curves. This point determines the equilibrium price and quantity in the market.#### Graph Input Tool**Market for Florida Oranges**- **Price (Dollars per box):** [Variable input field, currently set at 15]- **Quantity Demanded (Millions of boxes):** [Variable value, currently 900]- **Quantity Supplied (Millions of boxes):** [Variable value, currently 378]#### QuestionsIn this market, the equilibrium price is $ _______ per box, and the equilibrium quantity of oranges is _______ million boxes.

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3. 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 50 I Price (Dolars per box) 15 45 Supply Quantity Demanded (Millions of boxes) Quantity Supplied Milions of boxes) 40 900 378 35 30 25 20 Demand 15 10 90 180 270 360 450 540 630 720 810 900 QUANTITY (Millions of boxes) In this market, the equilibrium price is $ per box, and the equilibrium quantity of oranges is million boxes. PRICE(Dollars per box)

3. 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 50 I Price (Dolars per box) 15 45 Supply Quantity Demanded (Millions of boxes) Quantity Supplied Milions of boxes) 40 900 378 35 30 25 20 Demand 15 10 90 180 270 360 450 540 630 720 810 900 QUANTITY (Millions of boxes) In this market, the equilibrium price is $ per box, and the equilibrium quantity of oranges is million boxes. PRICE(Dollars per box)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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