The following relations describe demand and supply conditions in the wheat industry: QD = 5,500 - 1000P

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The following relations describe demand and supply conditions in the wheat industry:

QD = 5,500 - 1000P (Demand)

QS = -4500 + 1500 P(Supply)

Where Q is quantity measured in millions of bushels and P is price in dollars. Determine equilibrium price and quantity of wheat?"

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Managerial Economics

ISBN: 978-0324588866

12th edition

Authors: Mark Hirschey

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Question Posted: May 20, 2013 06:22 AM

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The following relations describe demand and supply conditions in the wheat industry: QD = 5,500 - 1000P

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Competitive equilibrium occurs when quantity demand equals quantity supplied Setting the two equ...View the full answer

Managerial Economics

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