The demand and supply for a particular commodity are given by the following two equations:
Demand: P = 75 – 2Qd
Supply: P = -15 + 4Qs
where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price.
Using the equilibrium condition Qs = Qd, determine equilibrium price and equilibrium quantity.
Equilibrium price: $
Equilibrium quantity: units