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Commodity represented by the equation

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Reference no: EM132240831

ADVANCED ANALYSIS  Assume that demand for a commodity is represented by the equation

P=110-3Qd

Supply is represented by the equation

P=-10+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.

revised: dar (04/06/2011)

Reference no: EM132240831

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