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JJULIET42 JJULIET42
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9 years ago
Assume that demand for a commodity is represented by the equation P=10-0.2Qd, and supply by the equation P=2+0.2Qs where Qd and Qs are quantity demanded and quantity supplied, respectively, and P=price. Using the equilibrium condition Qd=Qs, solve the equations to determine equilibrium price. Now determine equilibrium quantity
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Educator
9 years ago
Hey Juliet, hope this answers your question.
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