Question

1 1. v The demand and supply function for a commodity are Demand function: P = 100 - 6Q Supply function: P = 30 + 4Q Calculate the equilibrium price and quantity.​

Answer 1

Answer:

The demand curve is decreasing – lower prices are associated with higher quantities demanded, higher prices are associated with lower quantities demanded. Demand curves are often shown as if they were linear, but there’s no reason they have to be.

The supply curve is increasing – lower prices are associated with lower supply, and higher prices are associated with higher quantities supplied.

The point where the demand and supply curve cross is called the equilibrium point (q∗,p∗).

graph

Step-by-step explanation:

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