(Answered) Advanced analysisassume that demand for a commodity is

Management Studies

ADVANCED ANALYSIS

Assume that demand for a commodity is represented by the equation

P=90-2Qd

Supply is represented by the equation

P=-5+3Qs

where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price.

Instructions: Enter your answer for price rounded 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. Units.

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