CBSE Class 11-commerce Answered
Suppose the value of demand and supply curve of a commodity X is given by the following two equation simultaneously:
Qd=200-10p Qs=50+15p
a) Find the equilibrium price and equilibrium quantity of commodity X
b) Suppose that the price of a factor inputs used in producing the commodity has changed ,resulting in the new supply curve given by the equation
Qs=100+15p
Analyse the new equilibrium price and new equilibrium quantity as against the original equilibrium price and equilibrium quantity
Asked by athul32130 | 21 Feb, 2020, 12:18: PM
Expert Answer
Equlibrium quantity and Equilibrium price is determined where Quantity Demanded = Quantity Supplied.
It means,
Qd = 200-10p = 50+15p
25p= 150
P= 6
Qd = 200-10p
= 200-10(6)
=200-60 = 140 units
Qs = 50+15p
= 50 + 15(6)
= 50 +90 = 140 units
Therefore equilibrium price is Rs 6
Equilibrium quanity is 140 units
Answered by Christina | 23 Feb, 2020, 12:46: PM
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