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Question 1 (Please help with graphing and provide explanations) Consider the wheat market in the U.S. The demand for wheat is given as: Q =

Question 1 (Please help with graphing and provide explanations)

Consider the wheat market in the U.S. The demand for wheat is given as: Q = 80 - 20P . The supply of wheat is given as: Q = 40 + 20P .

a. Using the two equations above, plot the supply and demand curves for wheat in the U.S. Indicate the equilibrium quantity and equilibrium price on your graph as well as the intercepts.

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