Assume that demand for a com-modity 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 deter-mine equilibrium quantity. Graph the two equations to substantiate your answers.
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