15.07.2022 - 04:42

# The figure to the right illustrates the market for apples in which the goverment has imposed a price floor of $14 per crate. How many crates of apples will be sold after the price floor has been impo Question: The figure to the right illustrates the market for apples in which the goverment has imposed a price floor of$14 per crate.

How many crates of apples will be sold after the price floor has been imposed? million crates of apples per year. (Enter your response as an integer.)

Will there be a shortage or a surplus _ ? If there is a shortage or a surplus, how large will it be?

There will be a _ of _ million crates of apples per year. (Enter your response as an integer).

Will apple producers benefit from the price floor?

A) Apple producers who are able to sell their apples at the $14 price per crate will benefit. B) Apple producers who are not able to sell their apples will not benefit. C) Total revenue for apple producers as a group will decrease from$220 million to $196 million. D) Both a and b. Answers (1) • April 9, 2023 в 09:55 The figure shows a market for apples with a price floor of$14 per crate. The quantity demanded by consumers is 160 million crates per year, while the quantity supplied by producers is 200 million crates per year. With the price floor in place, the quantity demanded drops to 140 million crates, while the quantity supplied increases to 180 million crates, resulting in a surplus of 40-20=20 million crates. Therefore, there will be a surplus of 20 million crates of apples per year. Apple producers who are able to sell their apples at the $14 price per crate will benefit, as their revenue will increase due to the higher price. However, those who cannot sell their apples will not benefit from the price floor. Total revenue for apple producers will decrease from$220 million to $196 million, a decrease of 10.9%. The answer is A) Apple producers who are able to sell their apples at the$14 price per crate will benefit.
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