Price controls In the Honda orange market The following graph shows the annual m

Question

Price controls In the Honda orange market The following graph shows the annual market for Florida oranges. which are sold m units of 90-pound bones. Use the graph input tool to help you answer the following questions. You will not be greeted on any changes you make to this graph. Note Once you enter a value in a white field, the graph and any corresponding amounts m each grey held change accordingly For each of the prices listed in the following table, determine the quantity of oranges supplied, and the pressure exerted on prices in the absence of any price controls.

Explanation / Answer

Equilibrium price=25

equilibrium quantity=300 million boxes

Price                  quantity demanded               quantity supplied             pressure on prices

35                       180                                          420                                    downward

15                       420                                          180                                    upwards

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