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Economics 1. The wheat market is perfectly competitive, and the market supply and demand curves are given by the following equations: QD = 200 -

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Economics 1. The wheat market is perfectly competitive, and the market supply and demand curves are given by the following equations: QD = 200 - 40P Qs = 70 + 25P, where QD and Qs are quantity demanded and quantity supplied measured in bushels, and P is the price per bushel. Determine consumer surplus at the equilibrium price and quantity

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