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The Corn Growers Association of America estimates that next year the demand and supply functions facing U.S. corn growers will be Qd = 28 0.04P

The Corn Growers Association of America estimates that next year the demand and supply functions facing U.S. corn growers will be

Qd = 28 0.04P

Qs = -2 + 0.16P

where price and quantity are measured in trillions of hundredweight (a measure equal to 100 pounds) and price is measured in cents per hundredweight. Determine the equilibrium price and quantity.

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