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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
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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