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  3. 2 lo 3 figure 217 shows the market for large...

Question: 2 lo 3 figure 217 shows the market for large...

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2. (LO 3) Figure 2.17 shows the market for large bags of potato chips 3.00 2.50 2.00 1.50 0 1.00 0.50 0.00 0 10 20 30 40 50 60 70 80 Quantity per week FIGURE 2.17 a) What is the equilibrium price and quantity? b) If the price is s2.25, is there a surplus or shortage of potato chips? c) lf the price is $1.50, is there a surplus or a shortage of potato chips? Price: Surplus/shortageof Surplus/shortage Quantity: units of units

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