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Task 1: Reverse engineering the 2001 demand curve for cotton. Assume that the demand curve for cotton is linear, Q = a - bP, where

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Task 1: \"Reverse engineering\" the 2001 demand curve for cotton. Assume that the demand curve for cotton is linear, Q = a - bP, where Q is expressed in millions of bales per year, P is the price in US. dollars per pound, and a and b are constants. Using the approach described in Chapter 2 (page 66) of the Besanko Braeutigam textbook, find the values of a and b that are consistent with the 2001 quantity and price, Q* = 73 million bales, P* = $0 .42/1b and the estimated price elasticity of demand of 0 .05

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