Please explain how to calculate total revenue a) Suppose that in an attempt to boost the price of blueberries for its farmers, the government of Roni introduces a quota that limits thetotal amount that farmers can sell to 500,000 kilos. What is the maximum price at which this quantity could be sold? Round youranswer to 1 decimal place.0.9b) What would be the farmers' total revenue as a result of the quota?$ 450000c) What if this government decides, instead of using a quota, to introduce a price floor of $0.9 per kilo? What would be thesurplus/shortage and the resulting total revenue of farmers?surplusof 200000| and total revenue: $ 450000

Total revenue is the amount that a firm or individual receives after selling the output.

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Please explain how to calculate total revenue

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please explain how to calculate total revenue

a) Suppose that in an attempt to boost the price of blueberries for its farmers, the government of Roni introduces a quota that limits the
total amount that farmers can sell to 500,000 kilos. What is the maximum price at which this quantity could be sold? Round your
answer to 1 decimal place.
0.9
b) What would be the farmers' total revenue as a result of the quota?
$ 450000
c) What if this government decides, instead of using a quota, to introduce a price floor of $0.9 per kilo? What would be the
surplus/shortage and the resulting total revenue of farmers?
surplus
of 200000| and total revenue: $ 450000

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