For questions 7 - 9 use the following information. The following figure represents estimates for the demand and the supply of artichokes in California, where quantities are in pounds per year and prices are the price per pound in U.S. dollars. 1001 120 Qs = -220 + 400 . P QD = 4, 004 - 480 . P 4, 004 The supply is given by Qs = -220 + 400 . P or equivalently P = 11 + 1 400 Qs and the demand is given by 1001 QD = 4, 004 - 480 . P or equivalently P = 1 120 480 Q D 7. The market equilibrium price (per pound) and quantity (in pounds) are (round prices to the nearest penny and round non-integer quantities to the nearest integer): A. Q* = 1,700 and P* = $4.80 B. Q* = 1, 750 and P* = $4.93 C. Q* = 1,800 and P* = $5.05 D. Q' = 1,850 and P* = $5.18 E. None of the other options is the correct equilibrium price and quantity