In a local market, the aggregate demand and aggregate supply of a product is given by the following equation: = Qd Qs Qd Qs P = 6,360 - 400p = -1,116 + 300p = Quantity demanded = Quantity Supplied = Price of a product Required: (1) Determine the amount of excess demand or supply if the price is $12. (4 marks) (ii) Determine the amount of excess demand or supply if the price is $8. (4 marks)