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At $2.13 per bushel, the annualsupply for corn in the Midwest is 8.9 billion bushels andthe annual demand is 6.5 billion bushels. When the price

At $2.13 per bushel, the annualsupply for corn in the Midwest is 8.9 billion bushels andthe annual demand is 6.5 billion bushels. When the price fallsto $1.50 per bushel, the annual supply decreases to 8.2 billionbushels and the annual demand increases to 7.4 billion bushels.Assume that the price-supply and price-demand equationsare linear. Find the equilibrium price.

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