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The demand function of a food product is given as qd 16 -

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.

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Business Management: The demand function of a food product is given as qd 16 -

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Business Management: The demand function of a food product is given as qd 16 -

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