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this is my ask Use the information on the market for oranges in the table below to answer the following questions. Price (per crate) Quantity
this is my ask
Use the information on the market for oranges in the table below to answer the following questions. Price (per crate) Quantity Quantity Demanded Supplied (Millions of (Millions of 48- Price Crates per Crates per (Per Crate) Year Year) $12 280 100 18 240 36- 120 24 200 140 30 160 160 120 180 24 200 a. The equilibrium price is $ per crate and the equilibrium quantity is million crates per year. 12- When the market is in equilibrium, orange producers receive $| billion per year in revenue. (Enter your response as a real number rounded to three decimal places. 50 100 150 200 250 300 350 400 b. Suppose the government decides to impose a price floor of $36 per crate. Assume that the government does not purchase any surplus oranges. Now Quantity (millions of crates per year) consumers will purchase million crates per year. With the price floor of $36 per crate, producers now receive $| | billion per year in revenue. (Enter your response as a real number rounded to three decimal places.) c. Suppose the government imposes a price floor of $36 per crate and purchases any surplus oranges from producers. Now orange producers will receive $ billion per year in revenue. (Enter your response as a real number rounded to three decimal places.) In this scenario, the government will spend $| billion per year purchasing surplus oranges. (Enter your response as a real number rounded to three decimal places.) Draw a graph showing the market for oranges. 1.) Use the multipoint curve drawing tool to show the demand and supply curves in the market for oranges. Label these lines 'D' and 'S'. 2.) Use the point drawing tool to show the market equilibrium with no price floor. Label this point 'E'. B.) Use the rectangle drawing tool to show the area representing the revenue received by orange producers when the market is in equilibrium with no price floor. Label this rectangle 'RevenueStep by Step Solution
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