The figure below illustrates the market for Washington apples after the government imposes a price floor of $20 per crate of apples. Using the figure, answer the following questions. 1- How many crates of apples were sold before the price floor? million crates 2 - How many crates of apples will be demanded after a binding price floor is set ? million crates 3 - How many crates of apple will be supplied after a binding prince floor is set ? 4-how many crates of apples will be sold after the price floor? 6 - what is the size of the shortage or surplus ?

The figure below illustrates the market for Washington apples after the government imposes a price floor of $20 per crate of apples. Using the figure, answer the following questions. 1- How many crates of apples were sold before the price floor? million crates 2 - How many crates of apples will be demanded after a binding price floor is set ? million crates 3 - How many crates of apple will be supplied after a binding prince floor is set ? 4-how many crates of apples will be sold after the price floor? 6 - what is the size of the shortage or surplus ?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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