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Market research has revealed the following information about the market for chocolate bars

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Market research has revealed the following information about the market for chocolate bars. The demand schedule can be represented by the equation QD=1,600−300P, where QD is the quantity demanded and P is the price. The supply schedule can be represented by the equation QS=1,400+700P where Qs is the quantity supplied.

Calculate the equilibrium price and quantity in the market for chocolate bars.