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1. Given the following supply and demand functions, Qd = 24 - 0.5P and Qs = -4 + 0.5P
a. Complete supply and demand schedules below
b. Graph them on a grid below
c. Calculate the equilibrium price
d. Calculate consumer and producer surplus if the market operates at equilibrium
e. If producers limit output to 8 units and charge consumers according to their demand
schedule:
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