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Answer on Economics of Enterprise Question for biruk

Question #45439
Given market equilibrium of demand and supply of sugar, what happens to the level of equilibrium price and quantity if market demand increases by 50% while its supply increases by 40%?
Expert's answer
Equilibrium price and Equilibrium quantity will increase. If market demand increases by 50% while supply increases by 40% it means that there would be shortage of product. Demand is higher than supply and this will lead to increase of equilibrium price and quantity

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