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ADVANCED ANALYSIS
Assume that demand for a commodity is represented by the equation
P=85-2Qd.
Supply is represented by the equation
P=-15+3Q
s,
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.
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