The figure at right shows the market for apples. If apple farmers convince the government to set a minimum price of $4 per pound, then
A.100 pounds of apples will be sold at $4.
B.no apples will be supplied.
C.no apples will be be demanded.
D.None of the above.
Homework Answers
The supply is horizontal, so it is perfectly elastic. The elasticity is infinity, a small change in price will have a huge impact on the demand. The answer is A. The demand will decline to 100 pounds of apple.
The supply is horizontal, so it is perfectly elastic. The elasticity is infinity, a small change in price will have a huge impact on the demand. The answer is A. The demand will decline to 100 pounds of apple.
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The figure at right shows the market for apples. If apple farmers convince the government to...
The table shows the demand and supply schedules for apples Suppose that the government introduces a...
The table shows the demand and supply schedules for apples Suppose that the government introduces a production quota for apples and sets it at 2,500 pounds per week. Who gains and who loses? What are the market price of apples, the producer surplus, and the deadweight loss? The market price of applsisa pound. The producer surpluas is s Quantity supplied Quantity Pricedemanded ars per 3.50 5.25 7.00 8.75 10.50 pounds per week) 5,625 5,000 4,375 3,750 3,125 2.500 1,250 2,500...
Im not sure if A is right Use the figure below to answer the following question....
Im not sure if A is right
Use the figure below to answer the following question. Price (per pound) 0 2 4 6 8 10 12 14 16 18 20 Quantity Supplied (thousands of bushels per week) The diagram shows three supply curves for apples today. Which of the following would cause the current supply of apples to shift from Sy to S3? Multiple Choice expectations of higher apple prices in the future Ο expectations of lower apple prices in...
Spply and Demand The table below shows the market for olives (the quantities are in thousands...
Spply and Demand The table below shows the market for olives (the quantities are in thousands of kilos per year). Plot the demand and supply curves on the graph below and label them D and S for demand and supply. Be sure to include prices and quantities on the axes. What are the values for the equilibrium price and quantity? Prices Quantity Demanded Quantity Supplied 8 10 12 14 700 600 500 400 300 200 100 100 200 300 100...
Suppose the figure to the right represents the market for cotton. To help reduce debt, the...
Suppose the figure to the right represents the market for
cotton. To help reduce debt, the government decides to levy a tax
on cotton of $0.90 per pound to be paid by cotton farmers. What is
the incidence of this tax? Producers pay $------- of the $0.90
tax and consumers pay $ -------. (Enter your responses rounded to
two decimal places.)
Suppose the figure to the right represents the market for cotion. To help reduce debt, the government decides to...
1. The following table shows the supply and demand schedules in a market. Quantity Demanded 800...
1. The following table shows the supply and demand schedules in a market. Quantity Demanded 800 Quantity Supplied 0 100 Price $2 $10 $12 $14 $16 500 400 300 200 100 0 300 400 500 600 800 (1 point) Graph the demand and supply curves. (0.5 points) What is the equilibrium price in this market? (0.5 points) What is the equilibrium quantity in this market?
The table shows the demand and supply schedules for Quantity demanded Quantity supplied apples Price Suppose...
The table shows the demand and supply schedules for Quantity demanded Quantity supplied apples Price Suppose that the government introduces a production quota (pounds per week) 5,625 5,000 4,375 3,750 3,125 2,500 for apples and sets it at 3,750 pounds per week. 1.25 2.50 3.75 5.00 6.25 7.50 1,250 2,500 3,750 5,000 6,250 What are the market price of apples, the producer surplus and the deadweight loss created? The market price of apples is $a pound. The producer surplus is...
The figure to the right illustrates the market for apples in which the government has imposed...
The figure to the right illustrates the market for apples in which the government has imposed a price floor of $12 per crate. How many crates of apples will be sold after the price floor has been imposed? 12 million crates of apples per year. (Enter your response as an integer.) Will there be a shortage or surplus? If there is a shortage or surplus, how large will it be? There will be a surplus of 18 million crates of...
(Figure: The Market for Hamburgers) The figure The Market for Hamburgers shows the weekly market for...
(Figure: The Market for Hamburgers) The figure The Market for
Hamburgers shows the weekly market for hamburgers in Irvine,
Kentucky. If 400 hamburgers are sold, producer surplus will
equal:
$200.
$650.
$510.
$400.
Figure: Market for Hamburgers Price of hamburger $5.00 0 100 200 300 400 500 600 700 800 Quantity of hamburgers (per week)
D Question 14 1 pts Figure 3.2 Price $40 30 20 10 100 200 300 400...
D Question 14 1 pts Figure 3.2 Price $40 30 20 10 100 200 300 400 500 600 700 800 Quantity According to the graph, at the equilibrium price O 400 units would be supplied and demanded. 600 units would be supplied, but only 200 would be demanded. O 200 units would be supplied and demanded. O 600 units would be supplied and demanded.
11) Refer to the figure below, which shows the market for vitamins. Suppose the government imposes...
11) Refer to the figure below, which shows the market for vitamins. Suppose the government imposes a price ceiling of Py. How will the price ceiling affect the quantity supplied, quantity demanded and quantity exchanged? Price Supply Price ceiling Demand Quantity of vitamins 12) Refer to the figure below, which shows the market for watermelons. Suppose the government imposes a price floor of Pw. How will the price floor affect the quantity supplied, quantity demanded and quantity exchanged? Price (dollars)...
The table shows the demand and supply schedules for apples Suppose that the government introduces a production quota for apples and sets it at 2,500 pounds per week. Who gains and who loses? What are the market price of apples, the producer surplus, and the deadweight loss? The market price of applsisa pound. The producer surpluas is s Quantity supplied Quantity Pricedemanded ars per 3.50 5.25 7.00 8.75 10.50 pounds per week) 5,625 5,000 4,375 3,750 3,125 2.500 1,250 2,500...
Im not sure if A is right
Use the figure below to answer the following question. Price (per pound) 0 2 4 6 8 10 12 14 16 18 20 Quantity Supplied (thousands of bushels per week) The diagram shows three supply curves for apples today. Which of the following would cause the current supply of apples to shift from Sy to S3? Multiple Choice expectations of higher apple prices in the future Ο expectations of lower apple prices in...
Spply and Demand The table below shows the market for olives (the quantities are in thousands of kilos per year). Plot the demand and supply curves on the graph below and label them D and S for demand and supply. Be sure to include prices and quantities on the axes. What are the values for the equilibrium price and quantity? Prices Quantity Demanded Quantity Supplied 8 10 12 14 700 600 500 400 300 200 100 100 200 300 100...
Suppose the figure to the right represents the market for
cotton. To help reduce debt, the government decides to levy a tax
on cotton of $0.90 per pound to be paid by cotton farmers. What is
the incidence of this tax? Producers pay $------- of the $0.90
tax and consumers pay $ -------. (Enter your responses rounded to
two decimal places.)
Suppose the figure to the right represents the market for cotion. To help reduce debt, the government decides to...
1. The following table shows the supply and demand schedules in a market. Quantity Demanded 800 Quantity Supplied 0 100 Price $2 $10 $12 $14 $16 500 400 300 200 100 0 300 400 500 600 800 (1 point) Graph the demand and supply curves. (0.5 points) What is the equilibrium price in this market? (0.5 points) What is the equilibrium quantity in this market?
The table shows the demand and supply schedules for Quantity demanded Quantity supplied apples Price Suppose that the government introduces a production quota (pounds per week) 5,625 5,000 4,375 3,750 3,125 2,500 for apples and sets it at 3,750 pounds per week. 1.25 2.50 3.75 5.00 6.25 7.50 1,250 2,500 3,750 5,000 6,250 What are the market price of apples, the producer surplus and the deadweight loss created? The market price of apples is $a pound. The producer surplus is...
The figure to the right illustrates the market for apples in which the government has imposed a price floor of $12 per crate. How many crates of apples will be sold after the price floor has been imposed? 12 million crates of apples per year. (Enter your response as an integer.) Will there be a shortage or surplus? If there is a shortage or surplus, how large will it be? There will be a surplus of 18 million crates of...
(Figure: The Market for Hamburgers) The figure The Market for
Hamburgers shows the weekly market for hamburgers in Irvine,
Kentucky. If 400 hamburgers are sold, producer surplus will
equal:
$200.
$650.
$510.
$400.
Figure: Market for Hamburgers Price of hamburger $5.00 0 100 200 300 400 500 600 700 800 Quantity of hamburgers (per week)
D Question 14 1 pts Figure 3.2 Price $40 30 20 10 100 200 300 400 500 600 700 800 Quantity According to the graph, at the equilibrium price O 400 units would be supplied and demanded. 600 units would be supplied, but only 200 would be demanded. O 200 units would be supplied and demanded. O 600 units would be supplied and demanded.
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