Final answer:
To find the equilibrium quantity and price for the commodity, set the demand and supply equations equal to each other.
Step-by-step explanation:
To find the equilibrium quantity and price for the commodity, we need to set the demand and supply equations equal to each other.
The demand equation is given by P = 8 - 0.5Qd and the supply equation is given by P = -0.4 + 0.2Qs
By setting Qd = Qs, we can solve for Q and then substitute it into either equation to find the corresponding P.