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1. (20 points) Canadian red wheat is a normal good, in a perfectly co.pdf

  1. 1. (20 points) Canadian red wheat is a normal good, in a perfectly competitive market which is in long run equilibrium. There occurs a boom in the economy and incomes rise. What effect does this have on short run equilibrium price and equilibrium quantity? 2. (15 points) Draw a short run industry graph showing the change described above. Remember to label everv curve. label vour axes. and demonstrate the resultino chances in the axes.
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