Suppose that in an attempt to boost the price of blueberries for its farmers, the government of Roni introduces a quota that limits the otal amount that farmers can sell to 250,000 kilos. What is the maximum price at which this quantity could be sold? Round your answer to 1 decimal place. $1 b) What would be the farmers' total revenue as a result of the quota?I $ c) What if this government decides, instead of using a quota, to introduce a price floor of $1.1 per kilo? What would be the surplus/shortage and the resulting total revenue of farmers? (Click to select) of and total revenue: $ < Prev 5 of 5 Next >

Suppose that in an attempt to boost the price of blueberries for its farmers, the government of Roni introduces a quota that limits the otal amount that farmers can sell to 250,000 kilos. What is the maximum price at which this quantity could be sold? Round your answer to 1 decimal place. $1 b) What would be the farmers' total revenue as a result of the quota?I $ c) What if this government decides, instead of using a quota, to introduce a price floor of $1.1 per kilo? What would be the surplus/shortage and the resulting total revenue of farmers? (Click to select) of and total revenue: $ < Prev 5 of 5 Next >

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 25P: If the price of a pie is 12, what is the maximum number of pies she could buy in a week?

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