The equilibrium price of the commodity at the given demand and supply is 1,000.
The given parameters:
- <em>Quantity demanded, QD = 20,000 - 3P</em>
- <em>Quantity supplied, QS = 15,000 + 2P</em>
The equilibrium price of the commodity is calculated as follows;
<em>At equilibrium price, the </em><em>demand </em><em>curve and </em><em>supply </em><em>curve cross each other.</em>
Thus, the equilibrium price of the commodity is 1,000.
<em>The complete question is below;</em>
Determine the equilibrium price, if QD = 20000 -3P and QS = 15000 +2P.
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