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Please answer both questions, thank you! QUANTITY QUANTITY PRICE DEMANDED SUPPLIED $7 15 units 5 units 8 13 6 9 10 7 10 8 8

Please answer both questions, thank you!

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QUANTITY QUANTITY PRICE DEMANDED SUPPLIED $7 15 units 5 units 8 13 6 9 10 7 10 8 8 11 5 9 In the table above answer the following questions: a. What is the equilibrium price? b. What is equilibrium quantity demand and supplied? c. Would price of $9 create a surplus or shortage of how many units? d. Would demand increase or quantity demanded increase if income is increased? 9. Would it create surplus or shortage of labor if floor pricing (minimum wage) is set below the equilibrium price? (4)

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