The following graph depicts the market for apples from British Columbia, which are sold in units of 9-kilogram boxes. The upward-sloping (orange) line represents supply, and the downward-sloping (blue) line represents demand. Use the Graph Input Tool to help you answer the following questions. You will not be scored on any changes you make to the graph. You can directly change the values in the boxes with the white background by clicking the boxes and typing. The graph and any related values will change accordingly. 21 18 15 14 12 24 PRICE (Dollars per box) 3 0 0 200 400 600 800 1000 1200 QUANTITY (Thousands of boxes) Based on the graph, the equilibrium price is Graph Input Tool MARKET FOR APPLES PRICE (Dollars per box) QUANTITY DEMANDED (Thousands of boxes) 4 1,600 per box, and the equilibrium quantity of apples is QUANTITY SUPPLIED (Thousands of boxes) ? 440 A member of the Legislative Assembly from Saskatoon, facing pressure from constituents alarmed at increases in the price of apple juice, introduces a bill to set a price ceiling of $9 per box of apples. If the market price arbitrarily starts at the price ceiling of $9 per box, the quantity of apples demanded will be boxes, while the quantity of apples supplied will be Therefore, there will be a boxes of apples in this market. In the absence of any price controls, this would exert the market achieves equilibrium. of pressure on apple prices until
The following graph depicts the market for apples from British Columbia, which are sold in units of 9-kilogram boxes. The upward-sloping (orange) line represents supply, and the downward-sloping (blue) line represents demand. Use the Graph Input Tool to help you answer the following questions. You will not be scored on any changes you make to the graph. You can directly change the values in the boxes with the white background by clicking the boxes and typing. The graph and any related values will change accordingly. 21 18 15 14 12 24 PRICE (Dollars per box) 3 0 0 200 400 600 800 1000 1200 QUANTITY (Thousands of boxes) Based on the graph, the equilibrium price is Graph Input Tool MARKET FOR APPLES PRICE (Dollars per box) QUANTITY DEMANDED (Thousands of boxes) 4 1,600 per box, and the equilibrium quantity of apples is QUANTITY SUPPLIED (Thousands of boxes) ? 440 A member of the Legislative Assembly from Saskatoon, facing pressure from constituents alarmed at increases in the price of apple juice, introduces a bill to set a price ceiling of $9 per box of apples. If the market price arbitrarily starts at the price ceiling of $9 per box, the quantity of apples demanded will be boxes, while the quantity of apples supplied will be Therefore, there will be a boxes of apples in this market. In the absence of any price controls, this would exert the market achieves equilibrium. of pressure on apple prices until
Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter1: What Is Economics?
Section1.A: Appendix Using Graphs: A Review
Problem 3TY
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