Answer to Question #98238 in Microeconomics for Emmanuel T. Chris

Answer to Question #98238 in Microeconomics for Emmanuel T. Chris

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Question #98238

2. Draw supply and demand curve of the market of wheat in US. And then suppose there is an agricultural technology for producing wheat improves, and at the same time, the price of rice decreases. Illustrate graphically what will happen to the supply, demand curve and the new market equilibrium (25 points)
Hint: consider rice as a substitute good of wheat

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