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.


1
Expert's answer
2022-04-19T09:59:18-0400

D=2000−20P,D=2000-20P,

S=−500+30P,S=-500+30P,

P=50,P=50,

D=S=1000.D=S=1000.


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