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Demand model of the world tea market

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Reference no: EM131577118

Consider the following supply and demand model of the world tea market (in billions of pounds.)

Price Per Pound     Quantity Supplied     Quantity Demanded

$.38                                    1,500                  525

$.37                                    1,000                  600

$.36                                    700                   700

$.35                                    600                   900

$.34                                    550                   1,200

Is it a surplus or a shortage when the price is $.38?

Surplus

Shortage

Is it a surplus or a shortage when the price is $.34?

Surplus

Shortage

Reference no: EM131577118

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