The demand and supply function of a commodity are given as below. Qd = 20 - 2p Qs = 6p - 12 Where p = price in naira, Qd = Quantity demanded and Qs = Quanti...

Answer Details

The equilibrium price is the price at which the quantity demanded equals the quantity supplied. To find the equilibrium price, we need to set Qd equal to Qs and solve for p. Qd = Qs 20 - 2p = 6p - 12 20 + 12 = 6p + 2p 32 = 8p p = 4 Therefore, the equilibrium price is 4 Naira.