If the demand curve for wheat in the United States is P = 12.4 = QD where

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If the demand curve for wheat in the United States is
P = 12.4 = QD
where P is the farm price of wheat (in dollars per bushel) and QD is the quantity of wheat demanded (in billions of bushels), and the supply curve for wheat in the United States is
P = - 2.6 + 2QS
where QS is the quantity of wheat supplied (in billions of bushels), what is the equilibrium price of wheat? What is the equilibrium quantity of wheat sold? Must the actual price equal the equilibrium price? Why or why not?
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Managerial Economics Theory Applications and Cases

ISBN: 978-0393912777

8th edition

Authors: Bruce Allen, Keith Weigelt, Neil A. Doherty, Edwin Mansfield

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