2. Price controls in the Florida orange marketThe following graph shows the annual market for Michigan blueberries, which are sold in units of 50-pound boxes.Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.PRICE (Dollars per box)29*RER 2403550SupplyDemand0 80 160 240 220 400 480 560 640 720 800QUANTITY (Millions of boxes)In this market, the equilibrium price is $Graph Input ToolMarket for Michigan Blueberries.Price(Dollars per box)QuantityDemanded(Millions of boxes)15800per box, and the equilibrium quantity of blueberries isQuantity Supplied(Mions of boxes)million boxes.336 In this market, the equilibrium price isper box, and the equilibrium quantity of blueberries isPrice(Dollars per box)1535For each of the prices listed in the following table, determine the quantity of blueberries demanded, the quantity of blueberries supplied, and thedirection of pressure exerted on prices in the absence of any price controls.Quantity DemandedQuantity Supplied(Millions of boxes) (Millions of boxes)Pressure on Pricesmillion boxes.True or False: A price ceiling below $25 per box is not a binding price celling in this market.O TrueO FalseBecause it takes six to eight years before newly planted blueberry plants reach full production, the supply curve in the short run is almost vertical. Inthe long run, farmers can decide whether to plant blueberries on their land, to plant something else, or to sell their land altogether. Therefore, thelong-run supply of blueberries is much more price sensitive than the short-run supply of blueberries.Assuming that the long-run demand for blueberries is the same as the short-run demand, you would expect a binding price celling to result in ain the long run than in the short run.that is

At Equilibrium Price, quantity demanded and quantity supplied of goods and services are equal. There…

The following graph shows the annual market for Michigan blueberries, which are sold in units of 50-pound boxes. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per box) *RRRS Demand Graph Input Tool Market for Michigan Blueberries Price (Dollars per box) Quantity Demanded (Millions of boxes) 15 800 Quantity Supplied (Minions of boxes) 336

The following graph shows the annual market for Michigan blueberries, which are sold in units of 50-pound boxes. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per box) *RRRS Demand Graph Input Tool Market for Michigan Blueberries Price (Dollars per box) Quantity Demanded (Millions of boxes) 15 800 Quantity Supplied (Minions of boxes) 336

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

2. Price controls in the Florida orange market
The following graph shows the annual market for Michigan blueberries, which are sold in units of 50-pound boxes.
Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.
Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.
PRICE (Dollars per box)
29*RER 2
40
35
5
0
Supply
Demand
0 80 160 240 220 400 480 560 640 720 800
QUANTITY (Millions of boxes)
In this market, the equilibrium price is $
Graph Input Tool
Market for Michigan Blueberries.
Price
(Dollars per box)
Quantity
Demanded
(Millions of boxes)
15
800
per box, and the equilibrium quantity of blueberries is
Quantity Supplied
(Mions of boxes)
million boxes.
336

In this market, the equilibrium price is
per box, and the equilibrium quantity of blueberries is
Price
(Dollars per box)
15
35
For each of the prices listed in the following table, determine the quantity of blueberries demanded, the quantity of blueberries supplied, and the
direction of pressure exerted on prices in the absence of any price controls.
Quantity Demanded
Quantity Supplied
(Millions of boxes) (Millions of boxes)
Pressure on Prices
million boxes.
True or False: A price ceiling below $25 per box is not a binding price celling in this market.
O True
O False
Because it takes six to eight years before newly planted blueberry plants reach full production, the supply curve in the short run is almost vertical. In
the long run, farmers can decide whether to plant blueberries on their land, to plant something else, or to sell their land altogether. Therefore, the
long-run supply of blueberries is much more price sensitive than the short-run supply of blueberries.
Assuming that the long-run demand for blueberries is the same as the short-run demand, you would expect a binding price celling to result in a
in the long run than in the short run.
that is

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