2. Price controls in the Florida orange marketThe 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.PRICE (Dollars per box)50454035302520151050Supplybemand0 30 60 90 120 150 180 210 240 270 300QUANTITY (Millions of boxes)Graph Input ToolMarket for Florida OrangesPrice(Dollars per box)QuantityDemanded(Millions of boxes)15174Quantity Supplied(Millions of boxes)(?)126 In this market, the equilibrium price isPrice(Dollars per box)1535For 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.per box, and the equilibrium quantity of oranges isTrueTrue or False: A price ceiling below $25 per box is not a binding price ceiling in this market.FalseQuantity DemandedQuantity Supplied(Millions of boxes) (Millions of boxes) Pressure on Pricesmillion boxes.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, 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 ain the long run than in the short run.that is

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 field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per box) 50 45 40 35 30 25 10 5 0 Supply Demand 0 30 60 90 120 150 180 210 240 270 300 QUANTITY (Millions of boxes) Graph Input Tool Market for Florida Oranges Price (Dollars per box) Quantity Demanded (Millions of boxes) 15 174 Quantity Supplied (Millions of boxes) ? 126

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 field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per box) 50 45 40 35 30 25 10 5 0 Supply Demand 0 30 60 90 120 150 180 210 240 270 300 QUANTITY (Millions of boxes) Graph Input Tool Market for Florida Oranges Price (Dollars per box) Quantity Demanded (Millions of boxes) 15 174 Quantity Supplied (Millions of boxes) ? 126

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter1A: Appendix: Working With Graphs

Section: Chapter Questions

Problem 1E

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