Assume that demand for a commodity is represented by the, Ask an Expert

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Assume that demand for a commodity is represented by the equation P = 10 – 0.2 Q d, and supply by the equation P = 2 + 0.2 Qs where Qd and Q s are quantity demanded and quantity supplied, respectively, and P is the Price. Use the equilibrium condition Qs = Qd ,

Found equilibrium price @ 10.

1. Now determine equilibrium quantity.

Graph the two equations to substantiate your answers and label these two graphs as D1 and S1.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91373298

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