1.12. Suppose the supply curve for wool is given by Qs ! P, where Qs is the...

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1.12. Suppose the supply curve for wool is given by Qs

! P, where Qs is the quantity offered for sale when the price is P.

Also suppose the demand curve for wool is given by Qd !

10 " P # I, where Qd is the quantity of wool demanded when the price is P and the level of income is I. Assume I is an exogenous variable.

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