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Use the information on the kumquat market in the table to answer the questions. (Quantities are given in millions of crates per year.) Price

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Use the information on the kumquat market in the table to answer the questions. (Quantities are given in millions of crates per year.) Price (Per Crate) Quantity Quantity Demanded Supplied $10 140 40 15 130 80 20 120 120 25 110 160 30 100 200 35 90 240 Q 45- Q 40- Supply L 35- Price floor 30- 25- 20- 15- 10- Demand Price The equilibrium price is $ 20 and the equilibrium quantity is 120 million crates. (Enter your responses as integers.) Suppose the federal government imposes a price floor of $30 per crate and purchases any surplus kumquats from producers. Now how much revenue will kumquat producers receive? Kumquat producers will receive $ billion in revenue. (Enter your response rounded to one decimal place.) 5- 0 0 30 60 90 120 150 180 210 240 270 Quantity of kumquats (millions of crates per year)

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