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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What could happen if a nonbinding price ceiling is implemented? O Market price will rise. O Market price will fall. O The quantity supplied is equal to the equilibrium quantity. O There will be a surplus after the nonbinding price ceiling is implemented. O There will be a shortage after the nonbinding price ceiling is implemented
èstion 13 if price ceiling is set above equilibrium price then equilibrium price and equilibrium quantity will not be affected. True False
The hypothetical country of Crabby Island has imposed a production quota of 4,000 crabs per month. Use the line segment in the graph below to show this production quota then answer the following question. Price ($) 10 9 8 7 (O 5 4 3 2 1 2000 Production quota 4000 6000 Quantity (crabs per month) Supply Demand 8000 10000 1. Use the line segment to show a production quota of 4,000 crabs per month. 2. What is the price of crab after the introduction of the quota? GA Number
In a nation without any price controls, a surplus occurs when O quantity demanded is greater than quantity supplied O the equlibrium price is too high O quantity supplied is greater than quantity demanded O the equilibrium price is too low
Although the Center was able to induce some farmers to introduce the new system, these farmers anticipated an increase in their cost and therefore the price of their crops. This worried them because they expected sales to fall as other farmers would still be able to supply their crops at a lower price. However, the decline in the sale of their crops was much lower than expected, in spite of higher prices. Which of the following, if true, could explain this outcome? O A. Public awareness of global warming and its consequences is low. OB. The government of this country sets price floors for all agricultural commodities at the beginning of the harvest season. O C. The soil in most parts of this country is very fertile and rich in nutrients. O D. People in this country are highly sensitive to price changes. O E. There was a drought in the country that year.
7. Effects of a Price Ceiling (ID: 015.06.MANK09) PRICE m 7 6 10 5 3 2 1 Figure 6-2 Supply Price Celling Oc. causes a shortage of 30 units of the good. Od. is not binding because it is set below the equilibrium price. Demand 30 60 90 120 150 180 210 240 QUANTITY Refer to Figure 6-2. The price ceiling Oa. causes a shortage of 60 units of the good. Ob. makes it necessary for sellers to ration the good using a mechanism other than price.
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Hi, Please help in sloving the attached Question from Economics. Regards,
Suppose that weekly demand for iron ore in Australia is given by P = 900 -Q and supply is gven by P = 20, where Qrepreserits tonnes of iron ore. To sunport consuens the government decides to impose a price ceiling of $400 per tonne if the govermment agrees to buy any escess supply, it will have to spend____________to buy___________ tonnes of inon ore. options are $180000;600 $90000;300 $240000;600 none is correct $120000;300
please help me solve for a-e
Describe in your words : Shortage and Surplus Price Floor and Price Ceiling
A black market is O A. a market in which buying and selling occur at prices that violate government price regulations. O B. a market in which participants exchange goods and services without using money. OC. a market in which there is no deadweight loss. O D. a market in which buying and selling occur at legal prices. O E. a market in which there are non-binding price controls.