Suppose That The Supply And Demand For Cherries Can Be Described As P 8 0 004

Suppose that the Supply and Demand for Cherries can be described as:

P = 8 – 0.004 Qd and P = 2 + 0.002 Qs


Solve the market equilibrium in this market (price and quantity) and SHOW this on a completely labeled supply and

demand diagram. All intercepts should be clearly identified / labeled.

Please explain how you got your answer

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