02 May Question: 2. Price controls in the Florida orange market The following graph shows the annual market for Fl…
2. Price controls in the Florida orange market 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 fleld, the graph and any corresponding amounts in each grey field wil change accordingly. Graph Input Tool Market for Florida Oranges 50 45 40 35 a 30 25 Price (Dollars per box) anti Demanded (Millions of boxes) uantity Supplied (Millions of boxes) -+ Demand 20 15 10 0 0 90 180 270 360 450 540 630 720 810 900 QUANTITY (Millions of boxes)
IhtonP drammary Cengage Home-Hofstede ins S Email Address ConfiVRV- Home of Your Email Address Conft VRV·Home of Your TEFL worldwide Pra 1 week 2 Google D его Demand 15 a. 10 o 90 180 270 360 450 540 630 720 810 900 QUANTITY (Millions of boxes) In this market, the equilibrium price is S per box, and the equlibrium quantity of oranges is million 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 pressure exerted on prices in the absence of any price controls. Price Quantity Demanded Quantity Supplied (Doilars per box) (Millions of boxes) (Millons of boxes) Pressure on Prices 15 35 True or False: A price ceiling below $25 per box is not a binding price ceiling in this market. False
(Dollars per box) 15 35 (Millions of boxes) (Millions of boxes) Pressure on Prices True or False: A price ceiling below $25 per box is not a binding price celiling in this market. O True 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. Grade It Now Save & Continue Contnue without saving Copyright Notices Terms of Use Privacy Notice Security Notice Accessibility
Because it takes many years before newly planted orange trees bear fruit, the supply curve in th can decid e whether to plant oranges on their land, to plant something else, or to sell their land a surplus e price sensitive than the short-run supply of oranges. shortage at the long-run demand for oranges is the same as the short-run demand, you would that is in the long run than in the short run . Copyright Notices Terms of Use Privacy Notice Sec urity Notie
False decause it takes many years before newly planted orange trees bear fruit, the supply cur can decide whether to plant oranges on their land, to plant something else, or to sell thei is much more pricehe short-run supply of oranges. larger nd for oranges is the same as the short-run demand, you Assuming that the lon ▼ that is in the long run than in the short rurn Copyright Notices Terms of Use Privacy Notice Security
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