The graph below depicts the market for rice in the country of Shiva. 10 Tools D2 (8.5, 6) 2 4 6 10 12 Quantity per period (millions of kilos) a) What is the present equilibrium price and quantity purchased in this marker? Price: $ 5.00 Quantity purchased million kilos b) How much, in total, are rice buyers paying for this quantity? 30 O million -) Suppose that the government introduces a price floor of $7 per kilo. How much, in total, will rice buyers be pa 5_ Million As a result of the price floor, what will be the total amount of the surplus? Amount of Surplus:_Million Kilos Price (S)

The graph below depicts the market for rice in the country of Shiva. 10 Tools D2 (8.5, 6) 2 4 6 10 12 Quantity per period (millions of kilos) a) What is the present equilibrium price and quantity purchased in this marker? Price: $ 5.00 Quantity purchased million kilos b) How much, in total, are rice buyers paying for this quantity? 30 O million -) Suppose that the government introduces a price floor of $7 per kilo. How much, in total, will rice buyers be pa 5_ Million As a result of the price floor, what will be the total amount of the surplus? Amount of Surplus:_Million Kilos Price (S)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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