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Calculate the shortage or surplus

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Reference no: EM131105249

The demand function of a food product is given as QD = 16 - 3P, while the supply function is given as 5P. Suppose, the current market price is $3 per unit, then

• Is the market in equilibrium? If not, is there a shortage or surplus?

• Calculate the shortage or surplus.

Reference no: EM131105249

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