Suppose that in an attempt to boost the price of blueberries for its farmers, the government of Roni introduces a quota that limits the otal amount that farmers can sell to 250,000 kilos. What is the maximum price at which this quantity could be sold? Round your answer to 1 decimal place. $1 b) What would be the farmers' total revenue as a result of the quota?I $ c) What if this government decides, instead of using a quota, to introduce a price floor of $1.1 per kilo? What would be the surplus/shortage and the resulting total revenue of farmers? (Click to select) of and total revenue: $ < Prev 5 of 5 Next >

Suppose that in an attempt to boost the price of blueberries for its farmers, the government of Roni introduces a quota that limits the otal amount that farmers can sell to 250,000 kilos. What is the maximum price at which this quantity could be sold? Round your answer to 1 decimal place. $1 b) What would be the farmers' total revenue as a result of the quota?I $ c) What if this government decides, instead of using a quota, to introduce a price floor of $1.1 per kilo? What would be the surplus/shortage and the resulting total revenue of farmers? (Click to select) of and total revenue: $ < Prev 5 of 5 Next >

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
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.
2. Using the following graph, answer the following questions. Also, show/Label your answers for parts a-e on the graph as well. Price 20 18 16 14 12 10 6. 4 6 8 10 12 14 16 Quantity 2 a. Suppose a $4 per-unit tax is imposed on the sellers of this good. What price will buyers pay for the good after the tax is imposed? b. Suppose a $4 per-unit tax is imposed on the sellers of this good. How much is the burden of this tax on the buyers in this market?
Which of the following results from a subsidy? Select one: O a. world output is increased O b. exports increase O c domestic production costs increase © d. imports increase
Hi, Please help in sloving the attached Question from Economics. Regards,
Which of the following pair of events leads to a DEFINITE decrease in the price of baby food? * An increase in the birth rate and a decrease in wages for workers in the baby food industry. O An increase in the birth rate and an increase in regulations for baby food production. O An increase in the birth rate and a decrease in regulations for baby food production. A decrease in the birth rate and a decrease in wages for workers in the baby food industry. A decrease in the birth rate and an increase in wages for workers in the baby food industry.
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.
2. Consider the Table below representing the number of 21-inch colour TV's individuals are willing to purchase in Ndola and Kitwe: Price Quantity Demanded-Kitwe Quantity Demanded- Ndola К350 100 75 К325 150 100 К300 200 125 K275 250 150 K250 300 175 a) Plot these data, with price (P) on the vertical axis and quantity (Q) on the horizontal axis. Connect the points for quantity demanded in Ndola and Kitwe. Lebel the Ndola line D1 and the Kitwe line D2). b) Find the increase in the quantity of TV units purchased in Ndola and Kitwe when the price of TV's is lowered from K300 to K275. c) Find the slope of the Demand lines D1 and D2 when the price is lowered from кз00 to K275. d) What does the difference in the slope of demand lines D1 and D2 indicate? e) Obtain the National demand schedule if Kitwe and Ndola were the only cities in the country. f) Explain what will happen to demand for TVs if one of the following happen i) ii) iii) Price of DSTV increases There is a wage freeze in the…
Refer to the above table. If the government implemented a price control at $20 which of the following is true?