(Advanced analysis)Answer the question on the basis of the following information.The demand for commodity X is represented by the equation P = 10 - 0.2Q and supply by the equation P = 2 + 0.2Q. Refer to the given information.If demand changed from P = 10 - .2Q to P = 7 - .3Q,the new equilibrium price is:

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To find the new equilibrium price, set the new demand equation equal to the supply equation: 7 - 0.3Q = 2 + 0.2Q. Solving for Q gives Q = 10. Substitute Q = 10 back into either equation to find the equilibrium price: P = 2 + 0.2(10) = $4.

(Advanced Analysis)Answer the Question on the Basis of the Following