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What is the equilibrium farm price

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Suppose the consumer demand curve for flour is P=$0.50 - 0.002Q. Suppose the cost of turning wheat into flour is $0.20 per pound of retail-equivalent wheat. That is, the marketing bill for wheat made into flour is $0.20 per pound of retail-equivalent wheat. Next, suppose that the wheat supply curve is given by the formula P = $0.05 + 0.0005(Q), where Q is the lbs. retail-equivalent wheat (lbs. of flour produced by however much wheat is produced).

What is the equilibrium farm price?

  • $0.30/lb.
  • $0.15/lb.
  • $0.10/lb.
  • $0.20/lb.

What is the equilibrium farm quantity?

  • 100 billion pounds
  • 175 billion pounds
  • 140 billion pounds
  • 75 billion pounds

Reference no: EM133063028

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