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h) Counterfactual analysis: equilibrium price and quantity without subsidies In the absence of U.S. subsidies, the new equilibrium price is $0.68/lb from the above graph.

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h) Counterfactual analysis: equilibrium price and quantity without subsidies In the absence of U.S. subsidies, the new equilibrium price is $0.68/lb from the above graph. Using the linear demand curve (Q [million bales] = 76.65 - 8.69*P[$/lb]), the new equilibrium quantity would be 70.74 million bales

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