demand and supply problems

timer Asked: Aug 30th, 2015

Question description

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

Demand: P = 18  – 2Qd


 SupplyP = -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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