a) Suppose that in an attempt to boost the price of blueberries for its farmers, the government of Roni introduces a quota that limits thetotal amount that farmers can sell to 400,000 kilos. What is the maximum price at which this quantity could be sold? Round youranswer to 1 decimal place.$b) What would be the farmers' total revenue as a result of the quota?$c) What if this government decides, instead of using a quota, to introduce a price floor of $1.4 per kilo? What would be thesurplus/shortage and the resulting total revenue of farmers?(Click to select) ofand total revenue: $ The graph below depicts the market for blueberries in the country of Roni.Price2.01.61.20.80.40200 400 600 800 1000 1200Quantity of blueberries (thousands of kilos)

In a free market, price and quantity is determined by the forces of demand and supply. At the…

ppose that in an attempt to boost the price of blueberries for its farmers, the government of Roni introduces a quota that limits the amount that farmers can sell to 400,000 kilos. What is the maximum price at which this quantity could be sold? Round your wer to 1 decimal place. What would be the farmers' total revenue as a result of the quota? duce a price floor of $1.4 per kilo? What would be the

ppose that in an attempt to boost the price of blueberries for its farmers, the government of Roni introduces a quota that limits the amount that farmers can sell to 400,000 kilos. What is the maximum price at which this quantity could be sold? Round your wer to 1 decimal place. What would be the farmers' total revenue as a result of the quota? duce a price floor of $1.4 per kilo? What would be the

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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