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4. Assume that demand for a product is represented by the equation P = 20 - .2Qd and supply by the equation P = 5

4. Assume that demand for a product is represented by the equation P = 20 - .2Qd and supply by the equation P = 5 + .1Qs, where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price. Using the equilibrium condition Qs = Qd, solve the equations to determine equilibrium price. Now determine equilibrium quantity.

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