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Q5 The following table shows the market demand and the supply for pumpkins on a normal weekend. i) What is the market equilibrium price and

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Q5 The following table shows the market demand and the supply for pumpkins on a normal weekend. i) What is the market equilibrium price and quantity? Why? 1 mark ii) Describe the situation in the pumpkin market if the price of a pumpkin is $19. How will the price adjust? 2 marks iii) On Halloween Day, demand increases by 15000 pumpkins. What is the equilibrium price of a pumpkin on Halloween Day when the sellers plan to increase the normal supply by 3000 pumpkins? Complete the table to show your result. 7 marks

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