Question: Problem 03-06 (algo) ADVANCED ANALYSIS Assume that demand for a commodity is represented by the equation P = 22 - 2QJ. Supply is represented by

Problem 03-06 (algo) ADVANCED ANALYSIS Assume that demand for a commodity

is represented by the equation P = 22 - 2QJ. Supply is

Problem 03-06 (algo) ADVANCED ANALYSIS Assume that demand for a commodity is represented by the equation P = 22 - 2QJ. Supply is represented by the equation P = -10 + 20.. where Qo and Qs are quantity demanded and quantity supplied, respectively, and Pis price. Instructions: Round your answer for price to 2 decimal places and enter your answer for quantity as a whole number, Using the equilibrium condition Os = Qq, solve the equations to determine equilibrium price and equilibrium quantity. Equilibrium price = $ Equilibrium quantity units Itranscript

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