Suppose the demand and supply for milk are described by the following equations: QD = 800-100P; QS= -700 + 400P, where P is the price in dollars, QD is the quantity demanded in millions of gallons per year, and QS is the quantity supplied in millions of gallons per year. Calculate equilibrium quantities and price
If the price in the above market is $4 would the market be in equilibrium, surplus or shortage? If it is in surplus or shortage, how much would the shortage or surplus be
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