(Answered) Advanced analysisnbspassume that demand for a commodity is

Economics

ADVANCED ANALYSIS 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 Q_d and Q_s are quantity demanded and quantity supplied, respectively, and P is price.

a. Using the equilibrium condition Q_s = Q_d, determine equilibrium price.?

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