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Advanced analysis assume that demand for a commodity is

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

P=85-2Q

d. P=85-2Qd.

Supply is represented by the equation

P=-15+3Qs, P=-15+3Qs, where Q_d and Q_s are quantity demanded and quantity supplied, respectively, and P is price.

Instructions: Round your answer for price to 2 decimal places and enter your quantity as a whole number.

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

b. Now determine equilibrium quantity.

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Business Economics: Advanced analysis assume that demand for a commodity is

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