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 equation
QS = 1,400 + 700P, where QS is the quantity supplied.
Calculate the equilibrium price and quantity in the market for chocolate bars.
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