Question

1. Given the market dd Dx=1000-20px
Sx= 500+30px than
A. What is market equilibrium price?
B. What is market equilibrium quantity?
C. calculate the price elasticity of demand at equilibrium point ?
D. calculate the price elasticity of supply at equilibrium point?

Answer 1

Answer:

1. Like consumer, a producer also aims to maximise his satisfaction. But a producer’s satisfaction is maximised in terms of profit. So, this article deals with determination of a level of output, which yields the maximum profit. In order to clearly understand the concept of producer’s equilibrium, it is necessary to understand the meaning of profit.
2. Like consumer, a producer also aims to maximise his satisfaction. But a producer’s satisfaction is maximised in terms of profit. So, this article deals with determination of a level of output, which yields the maximum profit. In order to clearly understand the concept of producer’s equilibrium, it is necessary to understand the meaning of profit.Explanation:
3. Like consumer, a producer also aims to maximise his satisfaction. But a producer’s satisfaction is maximised in terms of profit. So, this article deals with determination of a level of output, which yields the maximum profit. In order to clearly understand the concept of producer’s equilibrium, it is necessary to understand the meaning of profit.Explanation:plz mark as brainliest

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