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ADVANCED ANALYSIS Assume that demand for a commodity is represented by the equation






Supply is represented by the equation





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

Instructions: Enter your answers as whole numbers.

a. Using the equilibrium condition Qs = Qd, determine equilibrium price.


b. Now determine equilibrium quantity.


Top Answer

a. Equilibrium price = $6... View the full answer

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