Farmers sold $15,000 of oranges to juice producers, $3,000 of which were exports. Expenses: rent ($1,000), wages ($11,000). • Juice producers sold $14,000 of juice to cafes. Expenses: ($12,000) worth of oranges from local growers and paid ($2,000) in wages. • Cafes sold $60,000 of meals & drinks. Expenses: imported steak ($20,000), juice ($14,000), wages ($22,000), rent ($5,000). Local producers sold $150,000 worth of clothes. Expenses were ($45,000) worth of imported cotton, ($25,000) for a new imported machine imported, and ($85,000) in wages. Foreign cotton producers sold $45,000 of cotton. Expenses: $10,000 in wages. The producers rebate their profits ($35,000) to domestic con- sumers.

(Market Supply of Labor) The following table shows the hours per week supplied to a particular market by three individuals at various wage rates. Calculate the total hours per week (Q1) supplied to the market. Why does the quantity supplied tend to increase with the hourly wage? Which individuals, if any, have backwards-bending supply curves in the wage range shown? Does the market supply curve bend backward in the wage range shown in the table?

Purchase of tables and chairs by a restaurant is ___________ expenditure

The following graph shows the market for orange juice. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in the grey field will change accordingly. PRICE (Dollars per gallon) 12 Graph Input Tool ? Price 2 (Dollars per gallon) Supply 10 Quantity 112 Quantity supplied demanded (Millions of gallons) 22 22 (Millions of gallons) 00 Surplus 0 (Millions of gallons) Shortage (Millions of gallons) 00 90 + Demand 0 0 15 30 45 60 75 90 105 QUANTITY (Millions of gallons) 120 135 The market price of orange juice without government intervention is $ per gallon. Consider legislation that doesn't allow the price of orange juice to be below $9 per gallon and stipulates that the government buy any surplus orange juice produced at that price. In order to raise the price to $9 per gallon, the government would need to buy million gallons of…