Table 3.1 depicts the market for carrots in the country of Myland.
Table 3.1
a)What is the present equilibrium price and quantity traded in this market?
b)How much in total are buyers paying for the carrots?
c)Suppose that the government introduces a price floor of $1.60 per kg.How much in total will carrot buyers now be paying?
d)What will be the total amount of surplus?
e)Suppose after the imposition of the price floor,the demand in Myland increases by 45,000 kg.What is the new equilibrium price and quantity traded?

Question

Table 3.1 depicts the market for carrots in the country of Myland.
Table 3.1
  a)What is the present equilibrium price and quantity traded in this market?
b)How much in total are buyers paying for the carrots?
c)Suppose that the government introduces a price floor of $1.60 per kg.How much in total will carrot buyers now be paying?
d)What will be the total amount of surplus?
e)Suppose after the imposition of the price floor,the demand in Myland increases by 45,000 kg.What is the new equilibrium price and quantity traded?

Quizplus · Accepted Answer

The Answer of Table 3.1 depicts the market for carrots in the country of Myland.
Table 3.1
  a)What is the present equilibrium price and quantity traded in this market?
b)How much in total are buyers paying for the carrots?
c)Suppose that the government introduces a price floor of $1.60 per kg.How much in total will carrot buyers now be paying?
d)What will be the total amount of surplus?
e)Suppose after the imposition of the price floor,the demand in Myland increases by 45,000 kg.What is the new equilibrium price and quantity traded?

Table 31 Depicts the Market for Carrots in the Country of of Myland