The graph shows the market for strawberries. Price (cents per pound) The governm

Question

The graph shows the market for strawberries. Price (cents per pound) The government sets a production quota of 40 billion pounds for strawberries. What is the quantity of strawberries produced, the quantity demanded, and the price of pound of strawberries? With a production quota of 40 billion pounds, the quantity of strawberries produced isbillion pounds and the quantity - of strawberries demanded is billion pounds. With a production quota of 40 billion pounds, the price of a pound of strawberries is cents 0 20 4 60 80 100 120 140 160 Quantity (billions of pounds per year)

Explanation / Answer

At production quota of 40 billion pounds,

Quantity of strawberries produced = 40 Billion pounds

Quantity of strawberries demanded = 140 Billion pounds

Price at this level = 10 cents

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