Question

15. If supply and demand functions of a firm are :
3p + 2x = 27 (Demand)
6p - 2x = 9 (Supply)
Find equilibrium price and supply. If a tax of Rs. 3/2 per unit of com-
modity is imposed find the new equilibrium price.​

Answer 1

Answer:

77

Explanation:

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Answer 2

Answer:

Concept:

Equilibrium in an economy is attained at a point where demand is equal to the supply. Equilibrium Price is price level at the point of equilibrium.

Given:

Demand Function: 3p + 2x =27

Supply Function: 6p - 2x = 9

Tax: Rs 3/2

To find:

Equilibrium Price and supply level. Also, new price when tax is imposed.

Solution:

On equating and solving the demand and supply function for the equilibrium level,

3p + 2x= 27

6p - 2x = 9,

adding both of them,

9p = 36,

p= 36/9,

p= 4 and putting value of p in any one equation x= 15/2

which are the respective levels of equilibrium price and supply.

Therefore, Equilibrium price is Rs 4 per unit and equilibrium supply is 15/2 units for the given functions.