The graph below depicts the market for oranges at a local farmers' market. Price (dollars) $1.00...

 

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The graph below depicts the market for oranges at a local farmers' market. Price (dollars) $1.00 $0.90 $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 0 Market for Oranges S D 20 40 60 80 100 120 140 160 180 200 Quantity (pounds) Instructions: Enter your answers as a whole number. a. If a producer tries to sell oranges at a price of $0.40 per pound, what will be the quantity demanded and quantity supplied at this price? Qd= Qs pounds of oranges pounds of oranges b. Determine whether there is a surplus or a shortage at a price of $0.40 per pound, and determine the size of the surplus or shortage. At this price, there will be ✓ (Click to select) of pounds of oranges. shortage surplus The graph below depicts the market for oranges at a local farmers' market. Price (dollars) $1.00 $0.90 $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 0 Market for Oranges S D 20 40 60 80 100 120 140 160 180 200 Quantity (pounds) Instructions: Enter your answers as a whole number. a. If a producer tries to sell oranges at a price of $0.40 per pound, what will be the quantity demanded and quantity supplied at this price? Qd= Qs pounds of oranges pounds of oranges b. Determine whether there is a surplus or a shortage at a price of $0.40 per pound, and determine the size of the surplus or shortage. At this price, there will be ✓ (Click to select) of pounds of oranges. shortage surplus

Answer rating: 100% (QA)

a At P 040 per pound Quantity Demanded 160 pounds of oranges Q... View the full answer