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Assume that demand for a commodity is represented by the equation P = 10 - 0.2Q and supply by the equation P = 2+ 0.2Q where P is price and Q is quantity. What is the equilibrium price and equilibrium quantity? Graph the supply and demand curves and show in the graph the equilibrium price and quantity.

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Vaishali Yadav
Vaishali YadavLv10
16 Feb 2021

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