1. Suppose the demand and supply for milk is described by the following equations: QD = 800-100P; QS= -700 + 400P, where P is price in dollars, QD is quantity demanded in millions of gallons per year, and QS is quantity supplied in millions of gallons per year. Calculate equilibrium quantities and price.                 2.      If the price in the above market is $4 would the market be in equilibrium, surplus or shortage?  If it is in surplus or shortage, how much would the shortage or surplus be?

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