ENGR.ECONOMIC ANALYSIS
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ISBN: 9780190931919
Author: NEWNAN
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he following graph shows the annual market for Florida oranges, which are sold in units of 90-pound boxes.
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 each grey field will change accordingly.
In this market, the equilibrium price is
per box, and the equilibrium quantity of oranges is
million boxes.
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Homework (Ch 06)
Graph Input Tool
Market for Florida Oranges
50
45
I Price
(Dollars per box)
15
Supply
A-Z
40
Quantity
Demanded
Quantity Supplied
(Millions of boxes)
900
378
35
(Millions of boxes)
30
25
20
Demand
15
10
5
90
180 270 360 450 540 630 720 810 900
QUANTITY (Millions of boxes)
bongo
In this market, the equilibrium price is $
per box, and the equilibrium quantity of oranges is
million boxes.
At
For each of the prices listed in the following table, determine the quantity of oranges demanded, the quantity of oranges supplied, and the direction of
pressure exerted on prices in the absence of any price controls.
Price
Quantity Demanded
Quantity Supplied
(Dollars per box)
(Millions of boxes)
(Millions of boxes)
Pressure on Prices
PRICE (Dollars per box)
+ -- --
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