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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.) 45 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.) 45 Price Quantity Quantity (Per Crate) Demanded Supplied 40- $5 130 30 10 120 70 15 110 110 35- 20 100 150 25 90 190 Supply 30 80 230 30 The equilibrium price is $ 15 and the equilibrium quantity is 110 million crates. (Enter your 25 responses as integers.) Price Price floor Suppose the federal government imposes a price floor of $20 per crate and purchases any surplus 20- kumquats from producers. Now how much revenue will kumquat producers receive? Kumquat producers will receive $ 3.0 billion in revenue. (Enter your response rounded to one decimal place.) 1.) Use the rectangle drawing tool to shade in the revenue received by kumquat producers before the price floor. Properly label the shaded area. 2.) Use the rectangle drawing tool to shade in the revenue received by kumquat producers after the price floor. Properly label the shaded area. Demand 3.) Use the rectangle drawing fool to shade in the area representing the amount the government spends to purchase surplus kumquats. Properly label the shaded area. 30 60 90 120 150 180 210 240 270 Quantity of kumquats (millions of crates per year) Carefully follow the instructions above, and only draw the required objects

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