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Suppose that the demand curve for wheat is Q = 100 - 10p and the supply curve is Q = 10p. The government imposes a
Suppose that the demand curve for wheat is Q = 100 - 10p and the supply curve is Q = 10p. The government imposes a price support at p = 7' using a deficiency payment program. a. What are the quantity supplied, the price that clears the market, and the deficiency payment? The quantity supplied with the price support is D {round your answer to the nearest integer). The market clearing price with the price support is $|:| (round your answer to the nearest penny). The deficiency payment is $|:| (round your answer to the nearest penny)
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