Market research has revealed the following information about the market for washing machines: The demand schedule can be represented 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 washing machines. Identify the flaw in this analysis: “If more Bahamians go on a low-carb diet, the demand for pasta will fall. The decrease in the demand for pasta will cause the price of pasta to fall. The lower price, however, will then increase the demand. In the new equilibrium, Bahamians might end up consuming more pasta than they did initially.”

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