(Advanced analysis)Answer the question on the basis of the following information.The demand for commodity X is represented by the equation P = 100 - 2Q and supply by the equation P = 10 + 4Q. Refer to the given information.The equilibrium price is:

Question

Quizplus · Accepted Answer

To find the equilibrium price, we need to set the demand and supply equations equal to each other and solve for P.
100 - 2Q = 10 + 4Q 
90 = 6Q 
Q = 15 
Substitute Q = 15 into either the demand or supply equation to find P:
P = 100 - 2(15) = $70 (or P = 10 + 4(15) = $70)
Therefore, the equilibrium price is $70, which corresponds to answer choice B.

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