Determine the equilibrium in the wheat market

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Reference no: EM13244356

Suppose a hypothetical economy produces two goods i-e wheat andrice.

A. Draw the demand curve for wheat.

B. Draw the supply curve of wheat.

C. Determine the equilibrium in the wheatmarket with the help of graphs.

D. If there is an increase in the price ofrice, what will be its impact on the market equilibrium? Show graphically.

E. If government imposes tax on wheatproduction, what will be its impact on market equilibrium? Show graphically.

Reference no: EM13244356

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