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Business, 19.09.2019 00:10 redhot12352

Consider the following sequence of events in the u. s. market for strawberries during the years 1998-2000: • 1998: uneventful. the market price was $5.00 per bushel, and 4 million bushels were sold. • 1999: there was a scare over the possibility of contaminated strawberries from michigan. the market price was $4.50 per bushel, and 2.5 million bushels were sold. • 2000: by the beginning of the year, the scare over contaminated strawberries ended when the media reported that the initial reports about the contamination were a hoax. a series of floods in the midwest, however, destroyed significant portions of the strawberry fields in iowa, illinois, and missouri. the market price was $8.00 per bushel, and 3.5 million bushels were sold. find linear demand and supply curves that are consistent with this information.

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