3. Refer to Example 2.5 (page 38) on the market for wheat. In 1998, the total demand...
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3. Refer to Example 2.5 (page 38) on the market for wheat. In 1998, the total demand for U.S. wheat was Q = 3244 − 283P and the domestic supply was QS = 1944 + 207P. At the end of 1998, both Brazil and Indonesia opened their wheat markets to U.S. farmers. Suppose that these new markets add 200 million bushels to U.S. wheat demand. What will be the free-market price of wheat and what quantity will be produced and sold by U.S. farmers?
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