(Solved): Consider the market for tangelo oranges and suppose the demand function is given by Q=2000-2P, wher ...

Consider the market for tangelo oranges and suppose the demand function is given by Q=2000-2P, where Q, represents the quantity demanded of tangelo oranges and p represents the price per pound. Suppose the supply function is given by Q,=3P, where Q, represents the quantity supplied. Find the equilibrium quantity and price of tangelo oranges in the market. a. Equilibrium price and quantity are, respectively. P=400, Q=1200 b. Equilibrium price and quantity are, respectively. P-500, Q-500. O c. Equilibrium price and quantity are, respectively. P= 1000, Q=300. O d. Equilibrium price and quantity are, respectively, P=425, Q=925.