Calculate the equilibrium price and quantity in the market

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Market research has revealed the following information about the market for chocolate bars: The demand schedule can be represented by the equation Qd = 1.600 - 300P. where Qd is the quantity demanded and P is the price. The supply schedule can be represented by the equations Qs = 1.400 + 700P, where Qs is the quantity supplied. Calculate the equilibrium price and quantity in the market for chocolate bars Draw a supply and demand diagram illustrating the equilibrium price and quantity.

Reference no: EM131097337

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