Econ 1001 Midterm Spring 2023 x Econ 1001 Midterm Spring 2023 x Course Hero C A mylab.pearson.com/Student/PlayerTest.aspx?testId=249366731 Economics 1001 - Section 5 - Online - Speicher Kyla Rose E Test: Econ 1001 Midterm Spring 2023 Question 14 of 25 This test: 200 point(s) possible This question: 8 point(s) possible Submit test K Use the information on the kumquat market in the following table to answer the questions. Question list Click the icon to view the graph. (Quantities are given in millions of crates per year.) Price Quantity Quantity O Question 12 (Per Crate) Demanded Supplied $5 130 30 10 120 70 15 110 110 O Question 13 20 100 150 25 90 190 30 80 230 O Question 14 The equilibrium price is $ and the equilibrium quantity is |million crates. (Enter your responses as integers.) O Question 15 How much revenue do kumquat producers receive when the market is in equilibrium? Kumquat producers receive $ billion in revenue. (Enter your response rounded to one decimal place.) O Question 16 Suppose the federal government decides to impose a price floor of $20 per crate. Assume that the government does not purchase any surplus kumquats. Now how many crates of kumquats will consumers purchase? Consumers will purchase million crates of kumquats. (Enter your response as an integer.) Question 17 Heas much munmun will lummust needmore renius? Kumquat nendueAre will menin t Time Remaining: 00:36:40 Next M 31 Feb 28 12:35 6Econ 1001 Midterm Spring 2023 x Econ 1001 Midterm Spring 2023 x Course Hero C A mylab.pearson.com/Student/PlayerTest.aspx?testId=249366731 Economics 1001 - Section 5 - Online - Speicher Kyla Rose E Test: Econ 1001 Midterm Spring 2023 Question 14 of 25 This test: 200 point(s) possible This question: 8 point(s) possible Submit test Question list K Price Quantity Quantity Click the icon to view the graph. (Per Crate) Demanded Supplied $5 130 30 O Question 12 10 120 70 15 110 110 20 100 150 90 190 O Question 13 80 230 The equilibrium price is $ and the equilibrium quantity is million crates. (Enter your Screen capture . now O Question 14 responses as integers.) Screenshot taken How much revenue do kumquat producers receive when the market is in equilibrium? Show in folder Kumquat producers receive $ billion in revenue. (Enter your response rounded to one O Question 15 decimal place. Suppose the federal government decides to impose a price floor of $20 per crate. Assume that the government does not purchase any surplus kumquats. Now how many crates of Question Int Question 16 kumquats will consumers purchase? Consumers will purchase million crates of TTT kumquats. (Enter your response as an integer.) How much revenue will kumquat producers receive? Kumquat producers will receive $ O Question 17 billion in revenue. (Enter your response rounded to one decimal place.) 3 Copied to clipboard Search + V Edit Delete M 31 Feb 28 12:35 7Econ 1001 Midterm Spring 2023 x Econ 1001 Midterm Spring 2023 x Course Hero C A mylab.pearson.com/Student/PlayerTest.aspx?testId=249366731 Economics 1001 - Section 5 - Online - Speicher Kyla Rose E Test: Econ 1001 Midterm Spring 2023 200 point(s) possible - X Graph tion: 8 point(s) possible Submit test Question list K to view the graph. 45- 40- O Question 12 35- Supply 30- O Question 13 25- Price The equilibrium p Price floor 20 O Question 14 responses as int 15-/.. How much reven Kumquat produc 10- O Question 15 decimal place.) 5 - Demand Suppose the fed that the governm 30 60 90 120 150 180 210 240 270 Question 16 kumquats will co Quantity of kumquats (millions of crates per year) kumquats. (Ente How much reven O Question 17 billion in revenue Print Done Time Remaining: 00:36:27 Next M Feb 28 12:35 8