(Solution) - Assume that demand for a commodity is represented by the -(2025 Original AI-Free Solution)

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Assume that demand for a commodity is represented by the equation P = 10 ? .2Qd and supply by the equation P = 2 + .2Qs, where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price. Using the equilibrium condition Qs = Qd, solve the equations to determine equilibrium price. Now determine equilibrium quantity. Graph the two equations to substantiate your answers.