The graph below depicts the market for blueberries in the country of Roni. Price 2.4 2.0 1.6 1.2 0.8 0.4 0 100 200 300 400 500 600 Ishde of lillon) a) Suppose that in an attempt to boost the price of blueberries for its farmers, the government of Roni introduces a quota that limits the total amount that farmers can sell to 200.000 kilos. What is the maximum price at which this quantity could be sold? Round your answer to 1 decimal place. $ b) What would be the farmers' total revenue as a result of the quota? $ c) What if this government decides, instead of using a quota, to introduce a price floor of $1 per kilo? What would be the surplus/shortage and the resulting total revenue of farmers? (Click to select) of and total revenue: S

The graph below depicts the market for blueberries in the country of Roni. Price 2.4 2.0 1.6 1.2 0.8 0.4 0 100 200 300 400 500 600 Ishde of lillon) a) Suppose that in an attempt to boost the price of blueberries for its farmers, the government of Roni introduces a quota that limits the total amount that farmers can sell to 200.000 kilos. What is the maximum price at which this quantity could be sold? Round your answer to 1 decimal place. $ b) What would be the farmers' total revenue as a result of the quota? $ c) What if this government decides, instead of using a quota, to introduce a price floor of $1 per kilo? What would be the surplus/shortage and the resulting total revenue of farmers? (Click to select) of and total revenue: S

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter4: Markets In Action

Section: Chapter Questions

Problem 1SQP

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