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.
In this market, the equilibrium price is $ _______ per box, and the equilibrium 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 of pressure exerted on prices in the absence of any price controls.
True or False: A price ceiling above $25 per box is a binding price ceiling in this market.
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.
We can see that at the equilibrium when the demand in the supply curves are intersecting, the equilibrium price is $25 per box and the equilibrium quantity of oranges is 450 million boxes.
When the price is $35 per box, quantity demanded is 0 million boxes and quantity supplied is 900 million boxes. Because there is a surplus, there is a downward pressure on the prices
When the price is $15 per box, quantity demanded is 900 million boxes and quantity supplied is 0 million boxes. Because there is a shortage, there is a upward pressure on the prices
Price ceiling will result in a shortage. This is greater in the long run than in the short run.
The following graph shows the annual market for Florida oranges, which are sold in units of 90-pound boxes.
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. In this market, the equilibrium price is _______ per...
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. In this market, the equilibrium price is $_______ per...
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. In this market, the equilibrium price is _______ per box, and the equilibrium quantity of oranges...
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. In this market, the equilibrium price is _______ per box, and the equilibrium quantity of oranges...
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. In this market, the equilibrium price is _______ per box, and the equilibrium quantity of oranges...
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 will change accordingly. In this market, the equilibrium price is $_______ per...
12. Disequilibrium - Price ceilings 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. In this market, the equilibrium price is _______ per box, and the...
3. 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. In this market, the equilibrium price is $_______ per...
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.In this market, the equilibrium price is $ ____per box, and...
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. In this market, the equilibrium price is _______ per...