Suppose the market demand curve for cranberries is given by the equation Qd = 500 - 4P, while the market supply curve for cranberries (when P ≥ 50) is described by the equation Qs = -100 + 2P, where P is the price of cranberries expressed in dollars per barrel, and quantity (Qd or Qs) is in thousands of barrels per year. At what price and quantity is the market for cranberries in equilibrium? Show this equilibrium graphically.

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A: Given,   Qd=400-2P+4j   Qs=100+3P ⇒    P=Q-1003    &  j=100    ∴Qd=400-2P+4 100      ⇒ Qd=800-2P…

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