I asked this question twice and it got rejected. This is for homework and I need help. I respect the honor code, but this is a HOMEWORK question. Thank you! The following graph shows the annual market for Florida oranges, which are sold in units of 90-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.Graph Input ToolMarket for Florida Oranges5045Price(Dollars per box)15Supply40QuantityDemanded(Millions of boxes)Quantity Supplied(Millions of boxes)9003788 35302520Demand++1510590180 270 360 450 540 630 720 810 900QUANTITY (Millions of boxes)In this market, the equilibrium price isper box, and the equilibrium quantity of oranges isImillion boxes.For each of the prices listed in the following table, determine the quantity of oranges demanded, the quantity of oranges supplied, and the direction ofpressure exerted on prices in the absence of any price controls.PriceQuantity DemandedQuantity Supplied(Dollars per box)(Millions of boxes)(Millions of boxes) Pressure on Prices3515True or False: A price ceiling below $25 per box is not a binding price ceiling in this market.O TrueO FalseBecause it takes many years before newly planted orange trees bear fruit, the supply curve in the short run is almost vertical. In the long run, farmerscan decide whether to plant oranges on their land, to plant something else, or to sell their land altogether. Therefore, the long-run supply of oranges ismuch more price sensitive than the short-run supply of oranges.Assuming that the long-run demand for oranges is the same as the short-run demand, you would expect a binding price ceiling to result in athat isin the long run than in the short run.PRICE (Dollars per box)

Equilibrium is achieved at the output level where Qs equals Qd

the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. te: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market for Florida Oranges 50 45 Price (Dollars per box) 15 Supply 40 Quantity Demanded (Millions of boxes) Quantity Supplied (Millions of boxes) 900 378 35 30 25 Demand 20 15 10 90 180 270 360 450 540 630 720 810 900 QUANTITY (Millions of boxes) PRICE (Dollars per box)

the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. te: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market for Florida Oranges 50 45 Price (Dollars per box) 15 Supply 40 Quantity Demanded (Millions of boxes) Quantity Supplied (Millions of boxes) 900 378 35 30 25 Demand 20 15 10 90 180 270 360 450 540 630 720 810 900 QUANTITY (Millions of boxes) PRICE (Dollars per box)

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

I asked this question twice and it got rejected. This is for homework and I need help. I respect the honor code, but this is a HOMEWORK question.

Thank you!

The following graph shows the annual market for Florida oranges, which are sold in units of 90-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.
Graph Input Tool
Market for Florida Oranges
50
45
Price
(Dollars per box)
15
Supply
40
Quantity
Demanded
(Millions of boxes)
Quantity Supplied
(Millions of boxes)
900
378
8 35
30
25
20
Demand
++
15
10
5
90
180 270 360 450 540 630 720 810 900
QUANTITY (Millions of boxes)
In this market, the equilibrium price is
per box, and the equilibrium quantity of oranges is
Imillion boxes.
For each of the prices listed in the following table, determine the quantity of oranges demanded, the quantity of oranges supplied, and the direction of
pressure exerted on prices in the absence of any price controls.
Price
Quantity Demanded
Quantity Supplied
(Dollars per box)
(Millions of boxes)
(Millions of boxes) Pressure on Prices
35
15
True or False: A price ceiling below $25 per box is not a binding price ceiling in this market.
O True
O False
Because it takes many years before newly planted orange trees bear fruit, the supply curve in the short run is almost vertical. In the long run, farmers
can decide whether to plant oranges on their land, to plant something else, or to sell their land altogether. Therefore, the long-run supply of oranges is
much more price sensitive than the short-run supply of oranges.
Assuming that the long-run demand for oranges is the same as the short-run demand, you would expect a binding price ceiling to result in a
that is
in the long run than in the short run.
PRICE (Dollars per box)

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