ADVANCED ANALYSIS  Assume that demand for a commodity is represented by the equation          P=18−2Qd.𝑃=18−2𝑄𝑑. Supply is represented by the equation          P=−2+2Qs,𝑃=−2+2𝑄𝑠, where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price.Instructions: Enter your answer for price rounded to 2 decimal places and enter your quantity as a whole number.a. Using the equilibrium condition Qs = Qd, determine equilibrium price.$ .b. Now determine equilibrium quantity. units.

(Advanced analysis) Answer the question on the basis of the following information. The demand for commodity X is represented by the equation P = 10 - 0.2Q and supply by the equation P = 2 + 0.2Q.Refer to the above information. If demand changed from P = 10 - .2Q to P = 7 - .3Q, the new equilibrium quantity is:Multiple Choice10.20.15.30.

In a market the demand curve is given by P = 100 –2q and supply by P =2q. What are the equilibrium price and quantity traded? Group of answer choicesP* = 25, q* = 25P* = 100, q* = 50P* = 50, q* = 50P* = 50, q* = 25None of the above.

The demand and supply functions for different firms are given belowi) Qd = 200 – 2PQs= - 20 + 2Pii) Qd = 51 – 3PQs = -4 +8PDetermine the equilibrium price and equilibrium quantity for each firm

The demand function Q and total cost function T(q) of a commodity are given by the equations P=100−4q, and TC=320+4q, where P and q are the price and quantity, respectively. Determine the quantity that must be produced and sold at breaks even.

1. In a particular market, demand and supply curves are defined by the following equations: P=100– 0.5QD QS= -200 + 2P where, P is the price in pounds, QS is the quantity supplied and QD¬ is the quantity demanded. (a) What is the equilibrium price and quantity? [5 marks] (b) What is the price elasticity of supply at a price of £35? [5 marks]