Suppose that the government of Hatha introduces a price floor of $4. a) What quantity of...
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Suppose that the government of Hatha introduces a price floor of $4. a) What quantity of rice will buyers purchase? kilos. b) How much in total will buyers be paying for the amount in (a)? $ c) What will be the amount of the rice surplus? kilos. d) What is the dollar value of this surplus? $ INY 1 The graph below shows the rice market in Hatha. Price 10 9 87 6 5 4 3 2 1 0 250 500 750 1000 Quantity of kilos per month 1250 S D Suppose that the government of Hatha introduces a price floor of $4. a) What quantity of rice will buyers purchase? kilos. b) How much in total will buyers be paying for the amount in (a)? $ c) What will be the amount of the rice surplus? kilos. d) What is the dollar value of this surplus? $ INY 1 The graph below shows the rice market in Hatha. Price 10 9 87 6 5 4 3 2 1 0 250 500 750 1000 Quantity of kilos per month 1250 S D
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a Quantity of rice buyers will purchase is 625kgs b The total amount buy... View the full answer
Related Book For
Microeconomics An Intuitive Approach with Calculus
ISBN: 978-0538453257
1st edition
Authors: Thomas Nechyba
Posted Date:
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