Given the demand and supply equations,
Qdx = 150 - 20Px and Qsx=-30+50Px, Find a) Equilibrium price; b) if market price is Rs3.50, what will be amount of surplus units?
Plz i want a proper solution π
a) In equilibrium Qd = Qs, so:
70Px = 180,
Px = 2.57.
b) If market price is Rs 3.50, then the amount of surplus units is:
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