Wheat industry faces the demand and supply curve

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Reference no: EM131552329

The Wheat Industry faces the following demand and supply curve:

Qd=800-4P

Qs=100+3P

Assume that the government adopts a price support program for wheat, and supports the price of $120. Calculate hte income of all farmers in the wheat industry.

Please show ALL of your work.

Reference no: EM131552329

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