A record of all accounts used by a business is called a:
4:03 7 f In class Exercise - Online Version... Name: Student Number: Date: ECN1101 In class exercise 1. Figure 3.15 shows the market for mandarin oranges in Odin for the month of November (in thousands of kilos) . 2 1 1 FIGURE Suppose that in December the supply of mandarin oranges increases by 350 while the demand increases by 100 Type answers below: a. What will be the new equilibrium price and quantity? Price: Quantity: 2. Figure 3.18 depicts the market for New York steaks a. If government were to impose a price floor of S18 per kilo, what would be the result? Shortage surplus of kilos b. If govemment were to impose a price ceiling of S12 per kilo, what would be the result? Shortage surplus of kilos . FONER Type answers below: 4:03 7 fin class Exercise - Online Version... 2. Figure 3.18 depicts the market for New York steaks a. If government were to impose a price floor of S18 per kilo. what would be the result Shortage surplus of kilos b. If government were to impose a price ceiling of S12 per kilo, what would be the result? Shortage surplus of kilos . FOUR Type answers below: 3. Table 3.4 shows the market for mandarin oranges in the country of Preswar a. What are the equilibrium values of price and quantity Price: Quantity: b. Suppose that government imposes a price floor that is $0.20 different from the present equilibrium price. What would be the resulting shortage or surplus? (Shortage/surplus): Amount: c. Suppose instead that government imposes a price ceiling that is so 20 different from the present equilibrium price. What would be the resulting shortage or surplus? (Shortage/surplus) Amount: TABLE 3.4 Saw 100 100 16 11 130 10 1.40 00 750 700 SCO 00 500 150 700 10 so 100 Type answers below for a,b,c 4. Figure 3.20 depicts the market for blueberries in the country of Roni. Suppose that in an attempt to boost the price 4:04 7 f In class Exercise - Online Version... TARILE SA S 300 10 1.30 750 700 00 10 10 Type answers below for a,b.c: 4. Figure 3.20 depicts the market for blueberries in the country of Roni. a Suppose that in an attempt to boost the price of blueberries for its farmers, the government of Roni introduces a quota that limits the total amount that farmers can sell to 200 000 kilos. What is the maximum price at which this quantity could be sold b. What would be the farmers' total revenue as a result of the quota? c. What if this government decides, instead of using a quota, to introduce a price floor of $1.20 per kilo? What would be the surplus/shortage and the resulting total revenue of farmers? Surplus/shortage: Total revenue: $ 2 FIGURE.RO
