Suppose the market for Wheat in a country is described by the following demand and supply...
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Suppose the market for Wheat in a country is described by the following demand and supply equations: Demand: P= 100 - (1/2)Q Supply: P = 10+ (13/10)Q Use this information to answer the following set of questions. a. What is the equilibrium price and quantity in this market? For your answers you may round to the nearest whole number. b. What is the value of total revenue for farmers in this market? P= 80 Suppose the government institutes a price support in this market of $80 per unit of Wheat. c. Given the price support, how many units of Wheat will consumers buy? d. Given the price support, what is the cost to the government of this program if storage costs are $10 per unit of Wheat stored? Cost e. Draw the demand and supply functions. с تح الكلام Suppose the market for Wheat in a country is described by the following demand and supply equations: Demand: P= 100 - (1/2)Q Supply: P = 10+ (13/10)Q Use this information to answer the following set of questions. a. What is the equilibrium price and quantity in this market? For your answers you may round to the nearest whole number. b. What is the value of total revenue for farmers in this market? P= 80 Suppose the government institutes a price support in this market of $80 per unit of Wheat. c. Given the price support, how many units of Wheat will consumers buy? d. Given the price support, what is the cost to the government of this program if storage costs are $10 per unit of Wheat stored? Cost e. Draw the demand and supply functions. с تح الكلام
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