Answered: Market for Oranges Price (dollars)…

Market for Oranges Price (dollars) $1.00 S $0.90 $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 0 D 20 40 60 80 100 120 140 160 180 200 Quantity (pounds)

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter5: Buying The Necessities

Section5.2: Cloting Choices

Problem 1R

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Question

a. If a producer tries to sell oranges at a price of $0.50 per pound, what will be the quantity demanded and quantity supplied at this price?

b. Determine whether there is a surplus or a shortage at a price of $0.50 per pound, and determine the size of the surplus or shortage.

At this price, there will be a

Market for Oranges
Price (dollars)
$1.00
S
$0.90
$0.80
$0.70
$0.60
$0.50
$0.40
$0.30
$0.20
$0.10
0
D
20 40 60 80 100 120 140 160 180 200
Quantity (pounds)

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