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Farmers in Argentina and Australia do not only produce wheat. Soybean is also one of their main products. Suppose that, as in problem 1), the

Farmers in Argentina and Australia do not only produce wheat. Soybean is also one of their main products. Suppose that, as in problem 1), the price of wheat increases.

a) What does it do to the opportunity cost of growing soybean?

b) What does it do to the supply curve for soybean in the short run? In the medium or long run?

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