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Please help me with the last part of this question as soon as possible. Thank you so much! Use the information on the kumquat market
Please help me with the last part of this question as soon as possible. Thank you so much!
Use the information on the kumquat market in the following table to answer the questions. (Quantities are given in millions of crates per year.) Price Quantity Quantity (Per Crate) Demanded Supplied $10 130 30 15 120 70 20 110 110 25 100 150 30 90 190 35 80 230 The equilibrium price is $ 20 and the equilibrium quantity is 110 million crates. (Enter your responses as integers.) How much revenue do kumquat producers receive when the market is in equilibrium? Kumquat producers receive $ 2.20 billion in revenue. (Enter your response rounded to one decimal place.) Suppose the federal government decides to impose a price floor of $25 per crate. Assume that the government does not purchase any surplus kumquats. Now how many crates of kumquats will consumers purchase? Consumers will purchase 100 million crates of kumquats. (Enter your response as an integer.) How much revenue will kumquat producers receive? Kumquat producers will receive $ billion in revenue. (Enter your response rounded to one decimal place.)\fUse the information in the following table (and in the graph to the right) on the market for apartments in Bay City to answer the following questions. Quantity Quantity Rent Demanded Supplied $200 300,000 150,000 300 275,000 175,000 400 250,000 200,000 500 225,000 225,000 600 200,000 250,000 700 175,000 275,000 In the absence of rent control, what is the equilibrium rent and the equilibrium quantity of apartments rented? Equilibrium rent is $ 500 and the equilibrium quantity is 225 thousand apartments. (Enter your responses as integers.) In equilibrium, will there be any renters who are unable to find an apartment to rent or any landlords who are unable to find a renter for an apartment? O Yes No Suppose the government sets a ceiling on rents of $400 per month. What is the quantity of apartments demanded, and what is the quantity of apartments supplied? With the price ceiling, the quantity demanded is 250 thousand apartments and the quantity supplied is 200 thousand apartments. (Enter your responses as integers.) Assume that all landlords abide by the law. Compare the economic surplus in this market when there is no price ceiling to when there is a price ceiling. 1.) Use the triangle drawing tool to shade in the change in economic surplus as a result of the price ceiling. Properly label this shaded area indicating whether surplus has increased (new economic surplus) or decreased (deadweight loss) 2.) Use the rectangle drawing tool to shade in transferred surplus as a result of the price ceiling. Properly label this shaded area indicating whether this surplus is transferred from producers to consumers (transfer to consumer) or from consumers to producers (transfer to producer). Carefully follow the instructions above, and only draw the required objects.- X Graph 45 D 40- Supply 35 30 Price floor 25 Price 20- 15 Demand 30 60 90 120 150 180 210 240 270 Quantity of kumquats (millions of crates per year) Print DoneStep by Step Solution
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