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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 eld, the graph and any corresponding amounts in each grey eld will change accordingly. Graph Input Tool 50 Market for Florida Oranges 45 | Price 15 40 (Dollars per box) 7 A Quantity Quantity Supplied 3 35 supp'y Demanded 90 (Millions of boxes) '5 (Millions of boxes) 3 30 En 25 + T; . 9 I 5 I a: n. o 90 130 210 360 450 540 630 720 810 900 QUANTITY (Millions of boxes) In this market, the equilibrium price is $25 per box, and the equilibrium quantity of oranges is' 450 million boxes. In this market, the equilibrium price is $25 per box, and the equilibrium quantity of oranges is 450 million boxes. For each of the prices listed in the following table, determine the quantity of oranges demanded, the quantity of oranges supplied, and the direction of pressure exerted on prices in the absence of any price controls. Price Quantity Demanded Quantity Supplied (Dollars per box) (Millions of boxes) (Millions of boxes) Pressure on Prices 15 E ' 35 i M M' True or False: A price ceiling above $25 per box is a binding price ceiling in A True C False Because it takes many years before newly planted orange trees bear fruit, the supply curve in the short run is almost vertical. In the long run, farmers can decide whether to plant oranges on their land, to plant something else, or to sell their land altogether. Therefore, the long-run supply of oranges is much more price sensitive than the short-run supply of oranges. Assuming that the long-run demand for oranges is the same as the short-run demand, you would expect a binding price ceiling to result in a v that is V in the long run than in the short run. In this market, the equilibrium price is' $25l per box, and the equilibrium quantity of oranges is' 450' million boxes. For each of the prices listed in the following table, determine the quantity of oranges demanded, the quantity of oranges supplied, and the direction of pressure exerted on prices in the absence of any price controls. Price Quantity Demanded Quantity Supplied (Dollars per box) (Millions of boxes) (Millions of boxes) Pressure on Prices 15 2 l: ' l l7 35 v Downward True or False: A price ceiling above $25 per box is a binding price ceiling in C True CT False Because it takes many years before newly planted orange trees bear fruit, the supply curve in the short run is almost vertical. In the long run, farmers can decide whether to plant oranges on their land, to plant something else, or to sell their land altogether. Therefore, the long-run supply of oranges is much more price sensitive than the short-run supply of oranges. Assuming that the long-run demand for oranges is the same as the short-run demand, you would expect a binding price ceiling to result in a v that is V in the long run than in the short run. In this market, the equilibrium price is $25 per box, and the equilibrium quantity of oranges is 450 million boxes. For each of the prices listed in the following table, determine the quantity of oranges demanded, the quantity of oranges supplied, and the direction of pressure exerted on prices in the absence of any price controls. Price Quantity Demanded Quantity Supplied (Dollars per box) (Millions of boxes) (Millions of boxes) Pressure on Prices 15 ' 35 l v True or False: A price ceiling above $25 per box is a binding price ceiling in this market. C' True if\In this market, the equilibrium price is $25 per box, and the equilibrium quantity of oranges is 450 million boxes. For each of the prices listed in the following table, determine the quantity of oranges demanded, the quantity of oranges supplied, and the direction of pressure exerted on prices in the absence of any price controls. Price Quantity Demanded Quantity Supplied (Dollars per box) (Millions of boxes) (Millions of boxes) Pressure on Prices 15 ' v 35 ' True or False: A price ceiling above $25 per box is a binding price ceiling in this market. A True A False Because it takes many years before newly planted orange trees bear fruit, the supply curve in the short run is almost vertical. In the long run, farmers hether to plant oranges on their land, to plant something else, or to sell their land altogether. Therefore, the longrun supply of oranges is nrice sensitive than the short-run supply of oranges. at the long-run demand for oranges is the same as the short-run demand, you would expect a binding price ceiling to result in a V that is V in the long run than in the short run. In this market, the equilibrium price is $25 per box, and the equilibrium quantity of oranges is 450 million boxes. For each of the prices listed in the following table, determine the quantity of oranges demanded, the quantity of oranges supplied, and the direction of pressure exerted on prices in the absence of any price controls. Price Quantity Demanded Quantity Supplied (Dollars per box) (Millions of boxes) (Millions of boxes) Pressure on Prices 15 . l l ' as j j v True or False: A price ceiling above $25 per box is a binding price ceiling in this market. A True C'; False Because it takes many years before newly planted orange trees bear fruit, the supply curve in the short run is almost vertical. In the long run, farmers can decide whether to e . u . . n ues on their land, to plant something else, or to sell their land altogether. Therefore, the long-run supply of oranges is e short-run supply of oranges. v that is V in the long run than in the short run. much more price sensi Assuming that the long nd for oranges is the same as the shortrun demand, you would expect a binding price ceiling to result in a
