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Answer to Question #329823 in Microeconomics for Princy
Question #329823
(a) The demand (D) and supply (S) equations for a commodity (X) are given by:- D = 2000 – 20P S = -500 + 30P, where P = Price (R) per unit (i) Find the equilibrium price and quantity and show on a suitable diagram.
Expert's answer
"D=2000-20P,"
"S=-500+30P,"
"P=50,"
"D=S=1000."
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#340153 on Dec 2023
#340153 on Dec 2023
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