Assume that demand for a commodity is represented by the equation

P=224Qd.

Supply is represented by the equation

P=2+2Qs,

where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price.

Instructions: Round your answer for price to 2 decimal places and enter your answer for quantity as a whole number. Using the equilibrium condition Qs = Qd, solve the equations to determine equilibrium price and equilibrium quantity.

Equilibrium price = $

Equilibrium quantity = units