Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Table below contains data for the demand for a box of blueberries in two different markets. Market 1 Market 2 Quantity Quantity Quantity Quantity Price

image text in transcribed
Table below contains data for the demand for a box of blueberries in two different markets. Market 1 Market 2 Quantity Quantity Quantity Quantity Price Supplied Demanded Supplied Demanded $9.00 560 560 660 540 8.50 620 570 620 560 8.00 580 580 580 680 7.50 540 590 540 600 7.00 500 600 500 620 6.50 460 610 640 a) What is the equilibrium price and quantity in each market? Round your answers to 2 decimal places. Market 1 price: $ Quantity: Market 2 price: $ Quantity: b) What is the total revenue earned by suppliers in each market? Market 1: $ Market 2: $ Now, assume that government has imposed a quota of 560 in both markets. c) In which market would the blueberry growers be happier? (Click to select) v d) In which market is the price elasticity of demand more inelastic? (Click to select) v

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Matching Supply with Demand An Introduction to Operations Management

Authors: Gerard Cachon, Christian Terwiesch

3rd edition

73525200, 978-0073525204

Students also viewed these Economics questions