Question

1. The demand for a commodity is given by p = 7-D and the supply is given by p = 3 + 3D, find the
equilibrium price and the quantity. (pg no. 8)​

Answer 1

SOLUTION

GIVEN

The demand for a commodity is given by p = 7-D and the supply is given by p = 3 + 3D

TO DETERMINE

The equilibrium price and the quantity

EVALUATION

Here it is given that the demand for a commodity is given by p = 7-D and the supply is given by p = 3 + 3D

Now at Equilibrium

Supply = Demand

⇒ 3 + 3D = 7 - D

⇒ 4D = 4

⇒ D = 1

Thus at D = 1 equilibrium occurs

The equilibrium price = 1

The quantity = 3 + 3 = 6

━━━━━━━━━━━━━━━━

Learn more from Brainly :-

$1.$ The demand function of a product X is given as: Dx = 12-2Px stands for price. The demand at price ` 2 will be:

https://brainly.in/question/20907627

2. If total cost of producing 5 units of

output is Rs. 50 and of producing 6 units

of output is Rs. 65, then the Margin...

https://brainly.in/question/29060482