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Consider the market for wheat where demand is given by: Qd = 120-1p and supply is given by: Qs = 40 + 2p. Now
![Consider the market for wheat where demand is given by: [ Q^{d}=120-1 p ] and supply is given by: [ Q^{S}=40+2 p ] Now su](https://dsd5zvtm8ll6.cloudfront.net/si.experts.images/questions/2023/05/6450e86b6bff8_1683023979622.jpg)
Consider the market for wheat where demand is given by: Qd = 120-1p and supply is given by: Qs = 40 + 2p. Now suppose that, due to a market failure (an artificial shipping constraint), a maximum of 88.33 units of wheat can be supplied by firms in the market. The amount of the deadweight loss caused by the market failure is $ penny and as a positive number.) (Enter your answer rounded to the nearest
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Econometric Analysis
Authors: William H. Greene
5th Edition
130661899, 978-0130661890
