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The market for an agricultural product is modelled by the following Demand and Supply Curves: Demand: Q d = 800 – 30P Supply:
Qs = 20P – 100
Where Q is quantity measured in tons, and P is the Price $ per ton
The government decides to provide producers with a subsidy of $4 per ton.
The competitive model predicts that, as a result of the subsidy, the equilibrium market price will fall by? (Include working out)
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