Word Count : 269

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To determine the equilibrium price and quantity of commodity X, we need to find the price (Px) at which the quantity demanded (Qd) equals the quantity supplied (Qs). This point is known as the equilibrium point in microeconomics, where market demand and supply intersect. The demand function is: Qd = 8000 - 1000Px The supply function is: Qs = -4000 + 2000Px At equilibrium, Qd = Qs, ________ _________ ______ ____ ______ __________.
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