Suppose that the Supply and Demand for Cherries can be described as: P = 8 – 0.004 Qd and P = 2 + 0.002 Qs a.

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

P = 8 – 0.004 Qd and P = 2 + 0.002 Qs

a.

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