9. Market research has revealed the following information about the market for chocolate bars: the demand schedule

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9. Market research has revealed the following information about the market for chocolate bars: the demand schedule can be represented by the equation QD = 1600 – 300P, where QD is the quantity demanded and P is the price. The supply schedule can be represented by the equation QS

=1400 + 700P, where QS is the quantity supplied. Calculate the equilibrium price and quantity in the market for chocolate bars.

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