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1. Surplus: The US tomato demand function is: @(p) = 4(108 p) [For reference p is in dollars per cwt and supply is in 10,000lbs
1. Surplus: The US tomato demand function is: @(p) = 4(108 p) [For reference p is in dollars per cwt and supply is in 10,000lbs of tomatoes but for simplicity you should solve using the numbers provided in the problem.] The US domestic supply function of tomatoes is: Qg&mesric[?] = 6p a. Consider domestic U.S. tomato production prior to a free trade agreement. Solve for equilibrium price and guantity. b. Calculate producer and consumer surplus. c. Draw demand and supply curves and consumer and producer surplus on a graph
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