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Suppose that the demand for wheat (measured in bushels) is given by: Q w 2 = 90-8P w Draw the Total Revenue Curve and identify

Suppose that the demand for wheat (measured in bushels) is given by:

Qw2= 90-8Pw

  1. Draw the Total Revenue Curve and identify the TR and Q on that drawing. (6 points)

  1. If next year's harvest were to fall below 8 million bushels, would the

revenues received by wheat farmers increase or decrease? This question can be answered in a short sentence

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