Now determine equilibrium quantity

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Assume that demand for a commodity is represented by the equation formula p= 90-2Qd Supply is represented by the equation formula p=-5+3Qs where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price.

a. Using the equilibrium condition Q_s = Q_d, determine equilibrium price.

b. Now determine equilibrium quantity.

Reference no: EM131112429

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