The table below shows the market for fuji apples in the country of Westchester. $\begin{array} { c c c }
\hline \text { Price per kilo } & \text { Quantity Demanded } & \text { Quantity Supplied } \
\hline \$ 1.00 & 600 & 200 \
1.50 & 550 & 250 \
2.00 & 500 & 300 \
2.50 & 450 & 350 \
3.00 & 400 & 400 \
3.50 & 350 & 450 \
4.00 & 300 & 500 \
\hline
\end{array}$ a) What is the equilibrium values of price and quantity? Suppose that the government imposes a price floor which is $0.50 different form the present equilibrium price.
b) What is the resulting shortage/surplus? Suppose, instead that the government imposes a price ceiling that is $1 different from the present equilibrium price.
c) What would be the resulting shortage/surplus?

Question

The table below shows the market for fuji apples in the country of Westchester. $\begin{array} { c c c } 
\hline \text { Price per kilo } & \text { Quantity Demanded } & \text { Quantity Supplied } \
\hline \$ 1.00 & 600 & 200 \
1.50 & 550 & 250 \
2.00 & 500 & 300 \
2.50 & 450 & 350 \
3.00 & 400 & 400 \
3.50 & 350 & 450 \
4.00 & 300 & 500 \
\hline
\end{array}$ a) What is the equilibrium values of price and quantity? Suppose that the government imposes a price floor which is $0.50 different form the present equilibrium price.
b) What is the resulting shortage/surplus? Suppose, instead that the government imposes a price ceiling that is $1 different from the present equilibrium price.
c) What would be the resulting shortage/surplus?

Quizplus · Accepted Answer

The Answer of The table below shows the market for fuji apples in the country of Westchester. $\begin{array} { c c c } 
\hline \text { Price per kilo } & \text { Quantity Demanded } & \text { Quantity Supplied } \
\hline \$ 1.00 & 600 & 200 \
1.50 & 550 & 250 \
2.00 & 500 & 300 \
2.50 & 450 & 350 \
3.00 & 400 & 400 \
3.50 & 350 & 450 \
4.00 & 300 & 500 \
\hline
\end{array}$ a) What is the equilibrium values of price and quantity? Suppose that the government imposes a price floor which is $0.50 different form the present equilibrium price.
b) What is the resulting shortage/surplus? Suppose, instead that the government imposes a price ceiling that is $1 different from the present equilibrium price.
c) What would be the resulting shortage/surplus?

The Table Below Shows the Market for Fuji Apples in the Country