Determine equilibrium quantity

Reference no: EM13311166

Assume that demand for a commodity is represented by the equation P=10 – 0.2Qd and supply by the equation P=2 + 0.2Qs, where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price. Using the equilibrium condition Qs = Qd, solve the equations to determine equilibrium price. Now determine equilibrium quantity.

Reference no: EM13311166

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