Determine the effect on the market of “watches”, by first showing the graph of demand and supply equilibrium, and how the 3 conditions affect the market of watches? Justify your points by proving it graphically. Current Equilibrium price of watches = $260 Quantity demanded against the equilibrium = 500 Condition 1: Price ceiling has been imposed by government = $200 Condition 2: Price floor has been set to = $200 Condition 3: If Price floor has been imposed by government of price = $300

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