Question: The demand for computer memory chips is given by the equation Qd = 500 - 2P, while the supply is given by the equation Qs

The demand for computer memory chips is given by the equation Qd = 500 - 2P, while the supply is given by the equation Qs = 50 + P. In both equations P denotes the market price. For what price is the market in equilibrium - supply equals demand? What is the equilibrium quantity?

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