Changes in tastes reduce the demand for wheat substantially

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Changes in tastes reduce the demand for wheat substantially.

What happens to price and output in the market for wheat? What happens to the price, output, and profits of the individual wheat farmer in the short run? Illustrate with diagrams.

How does the market move to a new long-run equilibrium? Using diagrams, show the new price and quantity of wheat in the market. Show also the new price, output, and profits of the individual farmer.

Reference no: EM13898340

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