Question: Question 7 Table 3.4 shows the market for mandarin oranges in the country of Preswar. Price per Kilo Quantity Demanded Quantity Supplied $1.00 850 100

Question 7 Table 3.4 shows the market for mandarin oranges in the country of Preswar. Price per Kilo Quantity Demanded Quantity Supplied $1.00 850 100 1.10 800 200 1.20 750 300 1.30 700 400 1.40 650 500 1.50 600 600 1.60 550 700 1.70 500 800 A) What are the equilibrium values of price and quantity? Solution: 1.5 Price: 1.5 Quantity: 600 B) Suppose that government imposes a price oor that is $0.20 different from the r Solution: C) Suppose instead that government imposes a price ceiling $0.20 different from ti Solution

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