Question

Please help me in both questions if you can :(

QUESTION 5 Australia produces approximately 375 million kilograms of bananas annually with the vast majority of bananas grown in North Queensland. Australians consume 310 milion klograms of bananas at a market clearing price of $5/kg Answer the tollowing questions: a How many kilograms of bananas would need to be traded overseas for the market to be in equilibrium? million kilograms. Answer to the nearest million (with no decimal places). b. The banana industry successfully lobbies the government to implement a price floor of S9kg on bananas. The quantity of bananas demanded falls to 200 million kilograms. At 200 million kilograms the opportunity cost of producing the last kg of bananas is $3 If the banana industry starts producing bananas as soon as the price goes above S0ikg. how much consumer surplus is converted to producer surplus when the price is increases from S5/kg to S9 per kg? $ million. Answer to the nearest million (with no decimal places). С if the original consumer surplus was 930 million dollars, has the price floor made the consumers better om Type Y for Yes or N for No. QUESTION 6 Brendan graduates from UQ with a Bachelors Degree in Economics. He immediately gets a job after graduating and decides to buy a second-hand car. He has always wanted a car and now has the income to afford it. 10 years later, Brendan earns triple his starting salary and decides to sell his second-hand car and buy an Alfa Romeo. Which of the following statements is true? 10 years after purchasing it, the second-hand car is a normal good. The second-hand car is always an inferior good because it is much cheaper than the Alfa Romeo. ● The second-hand car is initially a normal good for Brendan when he gets a job after graduating, but then becomes an inferior good as Brendan's income rises. The Alfa Romeo is a complement for Brendan's second hand car. The Alfa Romeo is both a normal and an inferior good for Brendan.