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Question 1
Table 1 shows the demand and supply schedule for a candy shop.
Table 1
Based on Table 1, answer the following questions.
a) Draw the market demand and supply curves for a candy shop.
b) Determine the equilibrium price and equilibrium quantity.
c) Illustrate and explain the effects on market equilibrium for candy when the price of sugar as a raw material for candy rises.
d) Explain using graph on change in quantity demanded and change in demand.
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