P3.1 Market Equilibrium. Eye-de-ho Potatoes is a product of the Coeur d'Alene Growers' Association. Producers in the
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P3.1 Market Equilibrium. Eye-de-ho Potatoes is a product of the Coeur d'Alene Growers' Association.
Producers in the area are able to switch back and forth between potato and wheat production, depending on market conditions. Similarly, consumers tend to regard potatoes and wheat (bread and bakery products) as substitutes. As a result, the demand and supply of Eye-de-ho Potatoes are highly sensitive to changes in both potato and wheat prices.
Demand and supply functions for Eye-de-ho Potatoes are as follows?
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