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1.Suppose that the crop is larger and supply is now QS= 4 + 0.5P;demand is still QD= 18-0.5P oWhat is the equilibrium price? oWhat is

1.Suppose that the crop is larger and supply is now QS= 4 + 0.5P;demand is still QD= 18-0.5P

oWhat is the equilibrium price?

oWhat is the equilibrium quantity?

oWhat is the total revenue of suppliers at the new equilibrium?

oWhat is the elasticity of demand at the new equilibrium?

oWhat does the demand elasticity tell us here?

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