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The European Union (EU) and United States (US) demand and supply equations for corn are: QDEU = 70 – (1/2) PEU QSEU = (1/5) PEU QDUS = 86 – (3/5) PUS QSUS = 30 + (4/5) PUS where QD and QS represent the quantities demanded and supplied in both countries (in billions of tons) and P represents the Dollar price per ton of corn in each country.
a. Graph the US and European Union supply and demand curves for corn (what are the intercepts?).
b. Determine the US and European Union equilibrium prices in the absence of trade.
c. Find the surplus (or shortage) in both countries at the price of 80.
To enrich an experience, we can pay attention to what ways an experience is new to you, such as previously overlooked nuances in gratitude. According to Hansen, being able to access a positive mental state is NOT essential for well being and coping.
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