Determine equilibrium price

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Reference no: EM131901659

ADVANCED ANALYSIS Assume that demand for a commodity is represented by the equation

Supply is represented by the equation 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: EM131901659

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