The demand and supply equations for a commodity are given respectively as D = 20 – 1/2P; S = 8 + 1/4P. Recalling that at equilibrium, D = S, the equilibrium (P) and quantity (Q) can be obtained as
- P = 12, Q = 16
- P = 15, Q = 10
- P = 12, Q = 14
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P = 16, Q = 12
