(Advanced analysis) The demand for commodity X is represented by the equation P = 10 - 0.2Q and supply by the equation P = 2 + 0.2Q. The equilibrium quantity is

Name: (Advanced analysis) The demand for commodity X is represented by the equation P = 10 - 0.2Q and supply by the equation P = 2 + 0.2Q. The equilibrium quantity is
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Question

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To find the equilibrium quantity, set the demand equation equal to the supply equation: 10 - 0.2Q = 2 + 0.2Q. Solving for Q gives Q = 20.

(Advanced Analysis) the Demand for Commodity X Is Represented by the Equation