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(20 points) Market demand and market supply of a candy product are given below for different price levels: Price QD = 11 -P Qs =

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(20 points) Market demand and market supply of a candy product are given below for different price levels: Price QD = 11 -P Qs = -3 +P 11 10 SSDOJQUAWN-O DO YOUAWN- OOOO OHNWAVIANOOD i) Draw a diagram showing market demand and supply. ii) Find the market equilibrium price (PE) and quantity (QE) and label it on the diagram. (Hint: you may use the three columns abone to determine the market equilibrium or you may do the algebra to figure out the market equilibrium). ifi) If market price of candy was $9, how much would be shortage or excess

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