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Now add the old demand schedule and the demand schedule for the new students to calculate the new demand schedule for the entire «»liege. What will be the new equilibrium price and quantity?

15. Market research has revealed the following information aboul the market for chocolate bars: The demand schedule can be represented by the equation Q" = 1,600 - 300P. where Q" is the quantity demanded and P is the price. The supply schedule can be represented by the equation Ql - 1,400 + 700P, where C is the quantity supplied. Calculate the equilibrium price and quantity in the market for chocolate bars.

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