ADVANCED ANALYSIS
Assume that demand for a commodity is represented by the equation
P=90-2Qd
Supply is represented by the equation
P=-5+3Qs
where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price.
Instructions: Enter your answer for price rounded to 2 decimal places and enter your quantity as a whole number.
a. Using the equilibrium condition Qs = Qd, determine equilibrium price.$.
b. Now determine equilibrium quantity. Units.