Suppose there is a small town with two supermarkets, A and B. Supermarket A has been in the town for a long time and has a loyal customer base. Supermarket B is a new entrant to the market. Both supermarkets sell the same basket of goods at the same prices.

Initially, the demand for supermarket A is QA = 1000 - 2P and the demand for supermarket B is QB = 1000 - 4P, where Q is the quantity of goods sold and P is the price. The cost function for each supermarket is given by C = 50 + 5Q.

1. Find the equilibrium price and quantity in the market.

2. Suppose the town experiences a population boom, and the demand for supermarket B increases to QB = 2000 - 4P. Find the new equilibrium price and quantity in the market.

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