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1 The U.S. Department of Agriculture is interested in analyzing the domestic market for corn.The USDA's staff economists estimate the following equations for the demand

1 The U.S. Department of Agriculture is interested in analyzing the domestic market for corn.The USDA's staff economists estimate the following equations for the demand and supply curves:Qd= 1,600 - 125PQs= 440 + 165P

a.Calculate the equilibrium price and quantity that will prevail under a completely free market.

b.Calculate the price elasticities of supply and demand at the equilibrium values.

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