This question is hard for me i keep getting it wrong. thisis a microeconomics question 3 ### Price Controls in the Florida Orange MarketThe following section provides an illustration of the annual market for Florida oranges, which are sold in units of 90-pound boxes.#### Graph DescriptionThe graph below depicts the supply and demand curves for Florida oranges:- **Y-Axis (Vertical):** Displays the price in dollars per box.- **X-Axis (Horizontal):** Represents the quantity in millions of boxes.Two main curves are shown on the graph:1. **Supply Curve (Orange Line):** Slopes upwards, indicating that as the price increases, the quantity supplied also increases.2. **Demand Curve (Blue Line):** Slopes downwards, indicating that as the price decreases, the quantity demanded increases.Four key intersections and points are marked on the graph:- **Equilibrium Point:** Where the supply and demand curves intersect, representing the market equilibrium price and quantity.- **Price Ceiling Line (Black Horizontal Line):** A theoretically enforced price limit lower than the equilibrium price.- **Price Floor Line (Green Horizontal Line):** A theoretically enforced minimum price higher than the equilibrium price.#### Graph Input ToolThe graph input tool is an interactive feature that allows you to adjust and observe the changes in the market for Florida oranges by inputting different values.- **Market for Florida Oranges:** - **Price (Dollars per box):** Input Field `20` - **Quantity Demanded (Millions of boxes):** Field displaying `120` - **Quantity Supplied (Millions of boxes):** Field displaying `80`**Note:** Altering values in the input fields (highlighted in white) will dynamically adjust the graph and the corresponding figures within the grey fields.This instructional tool aids in visualizing the impact of price controls on the market dynamics of Florida oranges. ### Market Analysis of Orange Prices and Quantities#### Equilibrium AnalysisIn this market, the equilibrium price is $____ per box, and the equilibrium quantity of oranges is ____ million boxes.#### Price, Quantity Demanded, and Quantity Supplied TableFor 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 (Dollars per box) | Quantity Demanded (Millions of boxes) | Quantity Supplied (Millions of boxes) | Pressure on Prices ||-------------------------|----------------------------------------|--------------------------------------|-------------------|| 35 | ____ | ____ | ↓ || 15 | ____ | ____ | ↑ |A price ceiling above $25 per box in this market will ____.#### Short-Run vs. Long-Run Supply AnalysisBecause 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.#### Long-Run Price Ceiling ImpactAssuming 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.#### Note:- Arrows (↓ and ↑) in the "Pressure on Prices" column indicate the expected movement direction of prices in response to the quantity discrepancies.- The blank spaces (____) are for educators or students to fill in the correct values based on their calculations or data provided in lessons.#### Understanding Graphs and Diagrams- **Graphical Explanation**: Typically, graphs associated with such market analysis would show the demand and supply curves, with the equilibrium point marked where these curves intersect. In the given context: - **Vertical Axis**: Represents the price of oranges per box. - **Horizontal Axis**: Represents the quantity of oranges in millions of boxes. - **Supply Curve (Short-Run)**: Almost vertical, showing inelastic supply. - **Supply Curve (Long-Run)**: More elastic, reflecting farmers’ ability to adjust supply

The equilibrium is a state in which economic forces like supply and demand are balanced and the…

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) 20 45 Supply Quantity Bemanded (Milions of boxes) Quantity Supplied (Milions of boxes) 40 120 80 35 30 25 20 15 Demand 10 20 40 00 80 100 120 140 100 180 200 QUANTITY (Millions of 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) 20 45 Supply Quantity Bemanded (Milions of boxes) Quantity Supplied (Milions of boxes) 40 120 80 35 30 25 20 15 Demand 10 20 40 00 80 100 120 140 100 180 200 QUANTITY (Millions of boxes) PRICE(Dollars per box)

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter1: What Is Economics

Section: Chapter Questions

Problem 10AA

See similar textbooks