Question: The demand and supply for a particular commodity are given by the following two equations: Demand: P= 12 - 0.2Qd and Supply. P= 2+0.2Qs Where

The demand and supply for a particular commodity are given by the following two equations: Demand: P= 12 - 0.2Qd and Supply. P= 2+0.2Qs Where Qo and Qs are quantity demanded and quantity supplied, respectively, and Pis price. Using the equilibrium condition Qs = Qd, determine equilibrium price and equilibrium quantity. Equilibrium price = $ Equilibrium quantity = units Graph the two equations to substantiate your answer. Instructions: 1. Use the line tools Qd and Qs to draw the demand and supply curves for P = 2 and 12. 2. Use the drop line tool E to identify the equilibrium quantity and price. 14 Tools 12 Qd Qs 10 -O 8 F Price 4 2 10 20 30 40 50 Quantity

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