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Supply and Demand with Algebra Suppose the demand and supply for milk is described by the following equations: Q D = 800-100P; Q S =

Supply and Demand with Algebra

Suppose the demand and supply for milk is described by the following equations: QD = 800-100P; QS= -700 + 400P, where P is price in dollars, QD is quantity demanded in millions of gallons per year, and QS is quantity supplied in millions of gallons per year.Calculate equilibrium quantities and price. (40 Points)

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