Question

28. If the government’s target price is $2400 per ton, what percentage of the production must...

28. If the government’s target price is $2400 per ton, what percentage of the production must the government confiscate?

a. 8.09%

b. 19.96%

c. 44.78%

d. 49.25%

e. 57.52%

Top Raisin Producing Countries Rank Country Annual Raisin Production [in Metric Tons]

1 Turkey 353,167

2 United States 332,760

3 Iran 122,595

4 Greece 72,861

5 Chile 51,128

6 South Africa 37,049

7 Uzbekistan 32,893

8 Afghanistan 30,281

9 Australia 26,041

10 Argentina 19,543

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Answer #1

Solution: 57.52% Working: Demand equation QD = [a + cI] /pb We are given: a = 820,000,000, b = 1.1, c = 25, I = 60,000 Puttin

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