Please answer letters a, b, and c. Florida Orange Juice is a product of Florida's Orange Growers' Association. Demand and supply ofthe product are both highly sensitive to changes in the weather. During hot summer months,demand for orange juice and other beverages grows rapidly. On the other hand, hot dry weather hasan adverse effect on supply by reducing the size of the orange crop.Demand and supply functions for Florida orange juice are as follows:QD = 4,500,000 - 1,200,000P + 2,000,000PS + 1,500Y + 100,000TQS = 8,000,000 + 2,400,000P-500,000PL-80,000PK-120,000Twhere P is the average price of Florida ($ per case), PS is the average retail price of canned soda ($per case), Y is income (GNP in $billions), T is the average daily high temperature (degrees), PL is theaverage price of unskilled labor ($ per hour), and PK is the average cost of capital (in percent).(a) When quantity is expressed as a function of price, what are the Florida demand and supplycurves if P = $11, PS = $5, Y = $12,000 billion, T = 75 degrees, PL = $6, and PK = 12.5%.(b) Calculate the surplus or shortage of Florida orange juice when P = $5, $10, and $15.(c) Calculate the market equilibrium price-output combination.

The demand curve is an illustration of the negative relationship that exists between the price and…

(a) When quantity is expressed as a function of price, what are the Florida demand and supply curves if P = $11, PS = $5, Y = $12,000 billion, T = 75 degrees, PL = $6, and PK = 12.5%. (b) Calculate the surplus or shortage of Florida orange juice when P = $5, $10, and $15. (c) Calculate the market equilibrium price-output combination.

(a) When quantity is expressed as a function of price, what are the Florida demand and supply curves if P = $11, PS = $5, Y = $12,000 billion, T = 75 degrees, PL = $6, and PK = 12.5%. (b) Calculate the surplus or shortage of Florida orange juice when P = $5, $10, and $15. (c) Calculate the market equilibrium price-output combination.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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