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Market research has revealed the following information about the market for chocolate bars: The dema nd schedule can be represe nted by the equation Qd= 1,600 - 300P, where Qd is the quantity demanded and P is the price.The supply schedule can be represented by the equation Qs= 1,400 + 700P, where Qs is the quantity supplied. Calculate the equilibrium price and quantity in the market for chocolate bars. Calculate the price elasticity of dema nd and supply in equilibrium level. a. Equilibrium occurs where quantity demanded is equal to quantity supplied. Thus: Qd = Qs 1 ,600 -300P = 1,400 + 700P