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Determine equilibrium price

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Reference no: EM132110570

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

P=85-2Q

d. P=85-2Qd. 

Supply is represented by the equation

 P=-15+3Qs, P=-15+3Qs, where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price.

Instructions: Round your answer for price 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.

Reference no: EM132110570

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