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Suppose the market for organically grown wheat change in market demand.
a. Determine the new PE and QE for bottled is modeled through the following market supply and demand functions:
P ¼ 10 þ 0:5QS and P ¼ 22 - 2:5QD;
where QS and QD are in millions of bushels, and P is price per bushel.
a. Find the market equilibrium price, PE, and market equilibrium quantity, QE.
b. Now determine the value of producer surplus and consumer surplus at equilibrium.
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