Demand for commodity is represented by the equation

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ADVANCED ANALYSIS Assume that demand for a commodity is represented by the equation P = 90 - 2Qd and Supply is represented by the equation P = -5 + 3Qs where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price. Instructions: Enter your answer for price rounded to 2 decimal places and enter your quantity as a whole number. a. Using the equilibrium condition Qs = Qd, determine equilibrium price. b. Now determine equilibrium quantity. units.

Reference no: EM13894111

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