micro question 3 ### The Market for Florida OrangesThe following graph illustrates the annual market for Florida oranges, which are sold in units of 90-pound boxes.Use the graph input tool below 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**- **Price (Dollars per box):** 20- **Quantity Demanded (Millions of boxes):** 300- **Quantity Supplied (Millions of boxes):** 200#### Graph DescriptionThe graph visualizes the supply and demand curves for Florida oranges. - The **x-axis** represents the **Quantity (Millions of boxes)** and ranges from 0 to 500.- The **y-axis** represents the **Price (Dollars per box)** and ranges from 0 to 50.- The **Supply curve** slopes upward, indicating that as the price increases, the quantity supplied also increases.- The **Demand curve** slopes downward, indicating that as the price decreases, the quantity demanded increases.- The intersection point of the supply and demand curves is marked, showing the equilibrium price and quantity.#### Equilibrium DeterminationIn this market, the equilibrium price is $___ per box, and the equilibrium quantity of oranges is ___ million boxes.#### Price and Quantity AnalysisFor 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 | | | ⬇ Pressure to Decrease ⬇ || 15 | | | ⬆ Pressure to Increase ⬆ |#### Price Ceiling ImpactA price ceiling above $25 per box in this market will ____.---This thorough explanation should help learners understand the dynamics in the market for Florida oranges and the role of supply and demand in determining equilibrium prices and quantities. **Understanding Price Ceilings in the Orange Market**A price ceiling above $25 per box in this market will ________.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.

According to the Law of Demand and Supply more quantities of a commodity is demanded and less is…

A price ceiling above $25 per box in this market will 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.

A price ceiling above $25 per box in this market will 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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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