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Fuel costs have risen quickly during recent years as consumption, refining and production costs have risen sharply. Supply and demand conditions in the perfectly competitive

Fuel costs have risen quickly during recent years as consumption, refining and production costs have risen sharply. Supply and demand conditions in the perfectly competitive domestic crude oil market are:

QS= -275 + 2P(Supply)
QD= 280 - 8P(Demand)

where Q is quantity in millions of barrels per day, and P is the price per barrel.

Find the market equilibrium price.

Note: To be at equilibrium, QS must equal QD

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