Assume that demand for a commodity is represented by the equation P=10-0.2Qd. Supply is represented by the equation P=2+0.2Qs, where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price.
1: Solve the equations to determine equilibrium price.
2: Now determine equilibrium quantity.
3: Graph the two equations to substantiate your answers and label these two graphs as D1 and S1.
4: Furthermore; assume the demand for this product increases because of a change in income.
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