Calculate the equilibrium price and quantity in the market

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Market research has revealed the following information about themarket for chocolate bars: The demand schedule can berepresented by the equation Qd =1,600 - 300P whereQd is the quantity demanded and P is the price. The supply schedule can be represented by the equationQs =1,400 + 700P where Qs is thequantity supplied. Calculate the equilibrium price andquantity in the market for chocolate bars.

Reference no: EM13244530

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