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For questions 25 - 26 use the following information. Estimated domestic demand and supply for sugar beets in the U.S. are given by: QD =

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For questions 25 - 26 use the following information. Estimated domestic demand and supply for sugar beets in the U.S. are given by: QD = 600 - 8 . P P = 75 - . Q and 150 Qs = -300 + 22 . P P = 1 + Q 11 22 where Q is in millions of short tons, and P is in $ per short ton. 25. Find equilibrium price P and quantity Q for this market. In addition, compute the total surplus, i.e., the sum of consumer surplus plus producer surplus

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