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2. Price controls in the Florida orange market The following graph shows the annual market for Michigan blueberries, which are sold in units of 50-pound boxes. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. In this market, the equilbrlum price is per box, and the equilibrium quantity of blueberries is miltion boxes. For evch of the prices listed in the following table, determine the quantity of blueberries demanded, the quantity of blueberries supplied, and the direction of pressure exerted on prices in the absence of any price controls. True or False: A price ceiling above $25 per box is a binding price ceiling in this market. True Faise Eecause it takes six to eight years before newly planted blueberry plants reach full production, the supply curve in the short run is almost vertical. In the long run, farmers can decide whether to plant blueberries on their land, to plant something else, or to sell their land altogether. Therefore, the long-run supply of blueberries is much more price sensitive than the short-run supply of blueberries. Assuming that the long-run demand for blueberries is the same as the short-run demand, you would expect a binding price ceiling to result in a that is in the fong run than in the short run.
2. Price controls in the Florida orange market The following graph shows the annual market for Michigan blueberries, which are sold in units of 50-pound boxes. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. In this market, the equilbrlum price is per box, and the equilibrium quantity of blueberries is miltion boxes. For evch of the prices listed in the following table, determine the quantity of blueberries demanded, the quantity of blueberries supplied, and the direction of pressure exerted on prices in the absence of any price controls. True or False: A price ceiling above $25 per box is a binding price ceiling in this market. True Faise Eecause it takes six to eight years before newly planted blueberry plants reach full production, the supply curve in the short run is almost vertical. In the long run, farmers can decide whether to plant blueberries on their land, to plant something else, or to sell their land altogether. Therefore, the long-run supply of blueberries is much more price sensitive than the short-run supply of blueberries. Assuming that the long-run demand for blueberries is the same as the short-run demand, you would expect a binding price ceiling to result in a that is in the fong run than in the short run.
Final answer:In the market for Michigan blueberries, a price ceiling above the equilibrium price would be non-binding and not significantly affect the market. Since blueberries take several years to reach full production, their short-term supply is less adaptable, and a binding price ceiling would cause more significant changes in the long-term supply.Explanation:The subject of this question appears to beEconomics, specifically dealing with the concepts related toprice controlsand market equilibrium. The question deals with the market of Michigan blueberries (sold in 50-pound boxes) and requires understanding of supply and demand principles to determine the quantities of blueberries demanded and supplied. It also asks for the impacts of a possible price ceiling in this market.A price ceiling is essentially a limit on the price of a good that the government imposes to prevent the price from rising above a certain level. If a price ceiling is above the market's equilibrium price, it's considered non-binding (or not effective) because it doesn't affect the equilibrium. Therefore, if the equilibrium price is lower than $25, a price ceiling above $25 is non-binding.In regards to the long-term and short-term supply of blueberries, blueberries take 6-8 years to reach full production. This thin supply in the short term makes the supply curve almost vertical. However, in the long-term, farmers have different options and therefore, the long-term supply is more price sensitive. A binding price ceiling would cause more fluctuations in the long term than in the short term, if demand remains constant.Learn more about Price Controls here:brainly.com/question/33756790#SPJ11...