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Assume the market for chocolate can be represented by the following demand and supply curves: Q D =30P, Q S =P10. Graph the supply and

Assume the market for chocolate can be represented by the following demand and supply curves: QD=30P, QS=P10. Graph the supply and demand curves for the market for chocolate given above and label the equilibrium point. Now suppose it is the week before Halloween and demand increases toQD=602P. At the same time, a trade war causes the price of cocoa (an input to the production of chocolate) to increase such that the new supply curve isQS=P12. Illustrate the new demand and supply curves in your graph, and label the new equilibrium point.

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