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Assume that demand for a product is represented by the equation P = 10 - .2Qd and supply by the equation P = 2 +

Assume that demand for a product is represented by the equation P = 10 - .2Qd and supply by the equation P = 2 + .2Qs, 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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