(Solved): Suppose the quantity demanded, \( q \), of a product when the price is \( p \) dollars is given by ...

Suppose the quantity demanded, \( q \), of a product when the price is \( p \) dollars is given by the equation \( p=1001-5 q \), and the quantity supplied is given by the equation \( p=8 q \). Find the equilibrium price and quantity. Equilibrium quantity: items Equilibrium price: \( \$ \)