# Question

Suppose the demand curve for oranges is given by the equation

Q = −200 • P + 1,000

With quantity (Q) measured in oranges per day and price (P) measured in dollars per orange. The supply curve is given by

Q = 800 • P

Compute the equilibrium price and quantity of oranges.

Q = −200 • P + 1,000

With quantity (Q) measured in oranges per day and price (P) measured in dollars per orange. The supply curve is given by

Q = 800 • P

Compute the equilibrium price and quantity of oranges.

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