3. The figure to the right illustrates the market for apples inwhich the government has imposed a price floor of $13 percrate.20-18-How many crates of apples will be sold after the price floorhas been imposed?per year. (Enter your response as an integer.)16-million crates of applesSupply14-Will there be a shortage or surplus? If there is a shortage orsurplus, how large will it be?12-10-There will be a (1).million crates of apples per year. (Enter your response as aninteger.)8-of6-4-Will apple producers benefit from the price floor?24DemandOA Apple producers who are able to selltheir apples at the $13 price per cratewill beneft.O B. Appie producers who are not able to selltheir apples will not benefit.OC. Total revenue for apple producers as agroup will decrease from $220 million to$208 million.8 12 16 20 24 28 32 36 40Quantity (millions of crates per year)4.O D. Both a and b.OE All of the above(1) O nhortageO surplusPrice

A price floor is a government- or group-imposed price control or limit on how low a price can be…

3. The figure to the right illustrates the market for apples in which the government has imposed a price foor of $13 per crate. 20 18- How many crates of apples will be sold after the price floor has been imposed? per yoar. (Enter your response as an integer.) Will there be a shortage or surplus? If there is a shortage or surplus, how large will it be? 16- million crates of apples Supply 14- 12- 10- 8- There will be a (1) – million crates of apples per year. (Enter your response as an integer.) 6- 4- Will apple producers beneft from the price floor? 2- Demand O A. Apple producers who are able to sell their apples at the $13 price per crate will benefit 04 12 16 20 24 28 32 36 40 Quantity (millions of crates per year) OB Annle podure Price

3. The figure to the right illustrates the market for apples in which the government has imposed a price foor of $13 per crate. 20 18- How many crates of apples will be sold after the price floor has been imposed? per yoar. (Enter your response as an integer.) Will there be a shortage or surplus? If there is a shortage or surplus, how large will it be? 16- million crates of apples Supply 14- 12- 10- 8- There will be a (1) – million crates of apples per year. (Enter your response as an integer.) 6- 4- Will apple producers beneft from the price floor? 2- Demand O A. Apple producers who are able to sell their apples at the $13 price per crate will benefit 04 12 16 20 24 28 32 36 40 Quantity (millions of crates per year) OB Annle podure Price

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter6: Supply, Demand And Government Policies

Section: Chapter Questions

Problem 10PA

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3. A recent study found that the demand and supply sche- dules for frisbees are as follows: Price per frisbee Quantity demanded Quantity supplied €11 1 million frisbees 15 million frisbees 10 2 12 9 4 9 8 6 6 7 8 3 6 10 1 What are the equilibrium price and quantity of frisbees? a. Frisbee manufacturers persuade the government that frisbee production improves scientists' understanding of aerodynamics and thus is important for national security. The government decides to impose a price floor €2 above the equilibrium price. What is the new market price? How many frisbees are sold? b. Irate university students march on the government and demand a reduction in the price of frisbees. The govern- ment decides to repeal the price floor and impose a price ceiling €1 below the former price floor. What is the new market price? How many frisbees are sold?