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Q. The below information about the market for chocolate bars are revealed by market research: Demand schedule, qd = 1600 - 300pSupply schedule, qs = 1400 + 700pwhere q is quantity demanded / supplied and p is price.
(a) Compute the equilibrium quantity and price in market for chocolate bars.(b) Support your answer amid an illustration which shown market equilibrium for chocolate bars which comprise x and y interrupts of the curves and label them accordingly.(c) Show and label the ‘shortage' and ‘surpluses in your graph.
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