i need with this one. QUANTITY (Millions of boxes)In this market, the equilibrium price is $per box, and the equilibrium quantity of oranges ismillion boxes.For each of the prices listed in the following table, determine the quantity of oranges demanded, the quantity of oranges supplied, and the direction ofpressure exerted on prices in the absence of any price controls.PriceQuantity DemandedQuantity Supplied(Dollars per box)(Millions of boxes)(Millions of boxes)Pressure on Prices1535True or False: A price ceiling above $25 per box is not a binding price ceiling in this market.TrueFalseBecause 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,farmerscan 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 ismuch 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 binding price ceiling to result in athat isin the long run than in the short run. AttemptsKeep the Highest / 42. Price controls in the Florida orange marketThe 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 ToolMarket for Florida Oranges5045I Price(Dollars per box)1540QuantityDemandedQuantity Supplied(Millions of boxes)Supply50035(Millions of boxes)302520Demand1510550100 150 200 250 300 350 400 450 500QUANTITY (Millions of boxes)PRICE (Dollars per box)

At the equilibrium point, the demand and supply curves intersect each other. In this market, the…

In this market, the equilibrium price is s per box, and the equilibrium quantity of oranges is million boxes. For 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 Quantity Demanded Quantity Supplied (Dolla rs nor hox) (Milionc of hovec) (Milli nc of hovec) Broccure on Rricer

In this market, the equilibrium price is s per box, and the equilibrium quantity of oranges is million boxes. For 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 Quantity Demanded Quantity Supplied (Dolla rs nor hox) (Milionc of hovec) (Milli nc of hovec) Broccure on Rricer

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

i need with this one.

QUANTITY (Millions of boxes)
In this market, the equilibrium price is $
per box, and the equilibrium quantity of oranges is
million boxes.
For 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
Quantity Demanded
Quantity Supplied
(Dollars per box)
(Millions of boxes)
(Millions of boxes)
Pressure on Prices
15
35
True or False: A price ceiling above $25 per box is not a binding price ceiling in this market.
True
False
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 binding price ceiling to result in a
that is
in the long run than in the short run.

Attempts
Keep the Highest / 4
2. 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
45
I Price
(Dollars per box)
15
40
Quantity
Demanded
Quantity Supplied
(Millions of boxes)
Supply
500
35
(Millions of boxes)
30
25
20
Demand
15
10
5
50
100 150 200 250 300 350 400 450 500
QUANTITY (Millions of boxes)
PRICE (Dollars per box)

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