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China’s Domestic Supply and Demand for soybeans per ton is: QD = 700 – P     QS...

  1. China’s Domestic Supply and Demand for soybeans per ton is:

QD = 700 – P     QS = 2P – 500

  1. (2 pts.) The equilibrium P* = $_________ and Q* = _______

  1. (2 pts.) Draw the Supply and Demand curves on a graph.

  1. (2 pt.) Calculate CS (and show your work) $_______________
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