1. What if the information regarding market demand and market supply is conveyed in equations rather than tables? Practice how you would find equilibrium in a competitive market using equations for demand and supply.

Suppose in a competitive market the market demand can be represented as follows:

P = 10Q(and thus Q=10P)

and that market supply can be represented as follows:

P=Q

Using the fact that at equilibrium the quantity demanded equals the quantity supplied, find the equilibrium price and quantity in this market.