# demand and supply problems

FratBro23
Category:
Mathematics
Price: \$5 USD

Question description

The demand and supply for a particular commodity are given by the following two equations:

 Demand: P = 18  – 2Qd
and
 Supply: P = -2 + 2Qs

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

Using the equilibrium condition Qs = Qd, determine equilibrium price and equilibrium quantity.

Equilibrium price: \$

Equilibrium quantity:  units

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