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2. Price controls in the Florida orange market The following graph shows the annual market for Florida oranges, which are sold in units of
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. PRICE (Dollars per box) Graph Input Tool Market for Florida Oranges 50 45 Supply 40 Price (Dollars per box) 15 35 30 25 20 Quantity Demanded (Millions of boxes) 406 Quantity Supplied (Millions of boxes) 210 15 2 10 5 O 0 Demand 70 140 210 280 350 420 490 560 630 700 QUANTITY (Millions of boxes) In this market, the equilibrium price is s per box, and the equilibrium quantity of oranges is million boxes.
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