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Analyze the following demand and supply equations to answer the questions. Demand Equation: Qd = 80 - 2P Supply Equation: Qs = 18 + 4P

Analyze the following demand and supply equations to answer the questions. Demand Equation: Qd = 80 - 2P Supply Equation: Qs = 18 + 4P

What is the equilibrium price? What is the equilibrium quantity?

Hint: Equate Qd = Qs. Solve for the equilibrium price and then the quantity.

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