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/in Questions Uploads /by adminThe demand function of a food product
/in Questions Uploads /by adminThe demand function of a food product is given as QD = 16 – 3P, while the supply function is given as 5P. Suppose, the current market price is $3 per unit, then
•Is the market in equilibrium? If not, is there a shortage or surplus?
•Calculate the shortage or surplus.
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