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3.Suppose the total demand and the total supply of oranges per month in Florida market are as follows: Price ($) 3 3.5 4 4.5 5

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3.Suppose the total demand and the total supply of oranges per month in Florida market are as follows: Price ($) 3 3.5 4 4.5 5 5.5 Demand 6000 5000 4000 3000 2000 1000 Supply 2000 3000 4000 5000 6000 7000 a. Graph the demand and supply curve on the same graph. Equilibrium price is and equilibrium quantity is b. At $3.50, the market is not in equilibrium because there is a of oranges. At $4.50, the market is not in equilibrium because there is a of

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