The farm-level supply curve for beef is given by: PF = 5 +0.3Qt. The retail demand for beef (somehow overcoming the fact that this is not a well- defined good) is given by PR = 100 - 0.5Qt. There are two marketing margins which operate between these markets: farm-to-wholesale margin: M(Q) = 10 -0.05Q wholesale-to-retail margin: M(Q) = 0.25PW. Find the equilibrium quantity traded in this market and the three equilibrium prices for the farm, wholesale, and retail levels (PF,t, PW,t, PR,t). Graph all six of the demand/supply curves on a single graph (50 points)
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fThe farm-level supply curve for beef is given by: PF = 5 +0.3Qt. The retail demand for beef (somehow overcoming the fact that this is not a well- defined good) is given by PR = 100 - 0.5Qt. There are two marketing margins which operate between these markets: farm-to-wholesale margin: M(Q) = 10 -0.05Q wholesale-to-retail margin: M(Q) = 0.25PW. Find the equilibrium quantity traded in this market and the three equilibrium prices for the farm, wholesale, and retail levels (PF,t, PW,t, PR,t). Graph all six of the demand/supply curves on a single graph (50 points)
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