Assume that demand for a commodity is represented by the, Business Economics

Assume that demand for a commodity is represented by the

Assume that demand for a commodity is represented by the equation formula p= 90-2Qd Supply is represented by the equation formula p=-5+3Qs where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price.

a. Using the equilibrium condition Q_s = Q_d, determine equilibrium price.

b. Now determine equilibrium quantity.

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Business Economics: Assume that demand for a commodity is represented by the

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