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In this market, the equilibrium price is Price (Dollars per box) 35 For each of the prices listed in the following table, determine the quantity of blueberries demanded, the quantity of blueberries supplied, and the direction of pressure exerted on prices in the absence of any price controls. 15 a SA O True O False per box, and the equilibrium quantity of blueberries is Quantity Demanded (Millions of boxes) True or False: A price ceiling below $25 per box is not a binding price ceiling in this market. Quantity Supplied (Millions of boxes) Pressure on Prices million boxes. Because it takes six to eight years before newly planted blueberry plants reach full production, the supply curve in the short run is almost vertical. In the long run, farmers can decide whether to plant blueberries on their land, to plant something else, or to sell their land altogether. Therefore, the long-run supply of blueberries is much more price sensitive than the short-run supply of blueberries. Assuming that the long-run demand for blueberries is the same as the short-run demand, you would expect a binding price ceiling to result in that is in the long run than in the short run.

In this market, the equilibrium price is Price (Dollars per box) 35 For each of the prices listed in the following table, determine the quantity of blueberries demanded, the quantity of blueberries supplied, and the direction of pressure exerted on prices in the absence of any price controls. 15 a SA O True O False per box, and the equilibrium quantity of blueberries is Quantity Demanded (Millions of boxes) True or False: A price ceiling below $25 per box is not a binding price ceiling in this market. Quantity Supplied (Millions of boxes) Pressure on Prices million boxes. Because it takes six to eight years before newly planted blueberry plants reach full production, the supply curve in the short run is almost vertical. In the long run, farmers can decide whether to plant blueberries on their land, to plant something else, or to sell their land altogether. Therefore, the long-run supply of blueberries is much more price sensitive than the short-run supply of blueberries. Assuming that the long-run demand for blueberries is the same as the short-run demand, you would expect a binding price ceiling to result in that is in the long run than in the short run.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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**Price Controls in the Florida Orange Market** The graph below illustrates the annual market for Michigan blueberries, with sales measured in units of 50-pound boxes. **Instructions:** Use the graph input tool to assist in answering the following questions. Any changes you make to the graph for your analysis will not affect your final grade. **Note:** Inputting a value in a white field will automatically update the graph and the corresponding amounts in each grey field accordingly. --- ### Graph: Market for Michigan Blueberries - **Axes:** - **X-axis:** Quantity (Millions of boxes) - **Y-axis:** Price (Dollars per box) - **Lines:** - **Supply Curve (Orange):** Slopes upward from left to right. - **Demand Curve (Blue):** Slopes downward from left to right. - **Equilibrium Point:** Where the supply and demand curves intersect. - **Price Level (Green Line at $15):** - Shows a horizontal price control line at $15. - **Vertical Black Dotted Line:** - Indicates a set quantity level at the controlled price. ### Graph Input Tool: - **Market for Michigan Blueberries:** - **Price (Dollars per box):** 15 - **Quantity Demanded (Millions of boxes):** 522 - **Quantity Supplied (Millions of boxes):** 378 These elements allow for analysis of how changes in price controls can impact supply and demand in the market. Adjust the values to explore different scenarios and their effects on the market equilibrium.
Transcribed Image Text:**Price Controls in the Florida Orange Market** The graph below illustrates the annual market for Michigan blueberries, with sales measured in units of 50-pound boxes. **Instructions:** Use the graph input tool to assist in answering the following questions. Any changes you make to the graph for your analysis will not affect your final grade. **Note:** Inputting a value in a white field will automatically update the graph and the corresponding amounts in each grey field accordingly. --- ### Graph: Market for Michigan Blueberries - **Axes:** - **X-axis:** Quantity (Millions of boxes) - **Y-axis:** Price (Dollars per box) - **Lines:** - **Supply Curve (Orange):** Slopes upward from left to right. - **Demand Curve (Blue):** Slopes downward from left to right. - **Equilibrium Point:** Where the supply and demand curves intersect. - **Price Level (Green Line at $15):** - Shows a horizontal price control line at $15. - **Vertical Black Dotted Line:** - Indicates a set quantity level at the controlled price. ### Graph Input Tool: - **Market for Michigan Blueberries:** - **Price (Dollars per box):** 15 - **Quantity Demanded (Millions of boxes):** 522 - **Quantity Supplied (Millions of boxes):** 378 These elements allow for analysis of how changes in price controls can impact supply and demand in the market. Adjust the values to explore different scenarios and their effects on the market equilibrium.
In this market, the equilibrium price is $________ per box, and the equilibrium quantity of blueberries is ________ million boxes. **Table for Price Analysis:** Determine the quantity of blueberries demanded, the quantity of blueberries supplied, and the direction of pressure exerted on prices in the absence of any price controls for each listed price. | Price (Dollars per box) | Quantity Demanded (Millions of boxes) | Quantity Supplied (Millions of boxes) | Pressure on Prices | |-------------------------|---------------------------------------|---------------------------------------|-----------------------------| | 35 | | | ⬇️ | | 15 | | | ⬇️ | **True or False:** A price ceiling below $25 per box is not a binding price ceiling in this market. - ⭕ True - ⭕ False **Explanation:** Because it takes six to eight years before newly planted blueberry plants reach full production, the supply curve in the short run is almost vertical. In the long run, farmers can decide whether to plant blueberries on their land, to plant something else, or to sell their land altogether. Therefore, the long-run supply of blueberries is much more price sensitive than the short-run supply of blueberries. Assuming that the long-run demand for blueberries is the same as the short-run demand, you would expect a binding price ceiling to result in a __________ that is ________ in the long run than in the short run.
Transcribed Image Text:In this market, the equilibrium price is $________ per box, and the equilibrium quantity of blueberries is ________ million boxes. **Table for Price Analysis:** Determine the quantity of blueberries demanded, the quantity of blueberries supplied, and the direction of pressure exerted on prices in the absence of any price controls for each listed price. | Price (Dollars per box) | Quantity Demanded (Millions of boxes) | Quantity Supplied (Millions of boxes) | Pressure on Prices | |-------------------------|---------------------------------------|---------------------------------------|-----------------------------| | 35 | | | ⬇️ | | 15 | | | ⬇️ | **True or False:** A price ceiling below $25 per box is not a binding price ceiling in this market. - ⭕ True - ⭕ False **Explanation:** Because it takes six to eight years before newly planted blueberry plants reach full production, the supply curve in the short run is almost vertical. In the long run, farmers can decide whether to plant blueberries on their land, to plant something else, or to sell their land altogether. Therefore, the long-run supply of blueberries is much more price sensitive than the short-run supply of blueberries. Assuming that the long-run demand for blueberries is the same as the short-run demand, you would expect a binding price ceiling to result in a __________ that is ________ in the long run than in the short run.
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