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In 1983, the Reegan Administration introduced a new agricultural program called the payment-in-kind program. To see how the program worked, let's consider the wheat market. A) Suppose the demand function is QD= 28 - 2P and the supply function is QS= 4 + 4P, where P is the price of wheat in dollar per bushel and Q is th quantity in billions of bushels. Find the free-market equilibrium price and quantity?
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