(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. If demand changes from P = 10 - 0.2Q to P = 7 - 0.3Q, the new
Equilibrium quantity is

Question

Quizplus · Accepted Answer

To find the equilibrium quantity, set the new demand equation equal to the supply equation: 7 - 0.3Q = 2 + 0.2Q. Solving for Q gives Q = 10.

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