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Find the equilibrium quantity and price for the commodity whose supply function is p=q² 200

User HUSTEN
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Final answer:

To find the equilibrium quantity and price for the commodity, set the demand and supply equations equal to each other.

Step-by-step explanation:

To find the equilibrium quantity and price for the commodity, we need to set the demand and supply equations equal to each other.

The demand equation is given by P = 8 - 0.5Qd and the supply equation is given by P = -0.4 + 0.2Qs

By setting Qd = Qs, we can solve for Q and then substitute it into either equation to find the corresponding P.

User Arthis
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