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The market demand function for corn is Qd = 21 - 7P The market supply function...

The market demand function for corn is Qd = 21 - 7P The market supply function is QS = 5P - 6 both quantities measured in billions of bushels per year. Instructions: Round all quantities to the nearest whole number and prices to 2 decimal places. a. What is consumer surplus at the competitive market equilibrium? $. b. What is producer surplus at the competitive market equilibrium? $. c. What is aggregate surplus at this equilibrium?

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27 12 8525 a) 2. 1 875 15 X 2.25 b) 乙 5.625 gret

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