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Question 1 Suppose the discovery of new hybrid wheat would increase the supply of wheat but the number of buyers in a market decreases. a.
Question 1
Suppose the discovery of new hybrid wheat would increase the supply of wheat but the number of
buyers in a market decreases.
a. With the help of a diagram, explain what would happen to the equilibrium price and quantity
of wheat.
b. Based on your answer in part (a), if the demand for wheat is elastic, what would happen to
the wheat farmers' total revenue? Explain.
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