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Assume that demand for a commodity is represented by the equation P=18-2Qd and supply is represented by the equation P=-2+2Qs.

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

Instructions: Round your answer for the price to 2 decimal places and enter your quantity as a whole number.

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

B. Now determine equilibrium quantity.

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Joshua Stredder
Joshua StredderLv10
6 Oct 2020

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