Question: Assume that demand for a commodity is represented by the equation P=10-0.2Qd supply is represented by the equation p=2+0.2qs where qd and qs are quantity

Assume that demand for a commodity is represented by the equation P=10-0.2Qd

supply is represented by the equation p=2+0.2qs

where qd and qs are quantity demanded and quantity supplies, respectively and p is price

using the equilibrium condition qs=qd determine equilibrium price

now determine equilibrium quantity

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