Assume that the market demand and supply curves for soybeans grown in Canada can be represented via

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Assume that the market demand and supply curves for soybeans grown in Canada can be represented via the following:

Q _D = 40 − 0.5P _s. Q _s = 2.5 + 2.5P _s

where PS is the soybean price ($/bushel) and QS is the quantity of soybeans produced (denominated in 100 million bushel units).

What is the equilibrium price, P* _s, and quantity, Q* _s, of soybeans?

Related Book For answer-question

Price theory and applications

ISBN: 978-0538746458

8th edition

Authors: Steven E landsburg

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Posted Date: Apr 02, 2019 10:22 AM

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Assume that the market demand and supply curves for soybeans grown in Canada can be represented via

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Market equilibrium is the market situation where quantity ... View the full answer

Price theory and applications

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