Market for chocolate bars

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Reference no: EM136604

Q. The below information about the market for chocolate bars are revealed by market research:
Demand schedule, qd = 1600 - 300p
Supply schedule, qs = 1400 + 700p
where q is quantity demanded / supplied and p is price.

(a) Compute the equilibrium quantity and price in market for chocolate bars.
(b) Support your answer amid an illustration which shown market equilibrium for chocolate bars which comprise x and y interrupts of the curves and label them accordingly.
(c) Show and label the ‘shortage' and ‘surpluses in your graph.

Reference no: EM136604

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