Supply is represented by the equation P=2+0.2Qs, where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price. Instructions: Enter your answers as whole numbers. a. Using the

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asked Jul 21, 2020 172k views

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Supply is represented by the equation P=2+0.2Qs, where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price. Instructions: Enter your answers as whole numbers. a. Using the equilibrium condition Qs = Qd, determine equilibrium price. b. Now determine equilibrium quantity.