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in 1998, the domestic demand tor US wheat was Qd=3244283 P, and the domestic supply was Qs=1944+207P (Q is in millions of bushels of wheat).

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in 1998, the domestic demand tor US wheat was Qd=3244283 P, and the domestic supply was Qs=1944+207P (Q is in millions of bushels of wheat). a. What was the equilibrium price and quantity of wheat in the US? b. At the end of 1998, both Brazil and Indonesia opened their wheat markets to US farmers. Suppose that these new markets add 200 million bushels to US wheat demand. What will be the free-market price of wheat and what quantity will be sold by US farmers? Use a diagram to explain your

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