Question

analyse what would be the excess demand or supply if price changes to Rs

400 and Rs 120. ​

Answer 1

Answer:

When price Rises to Rs 400

Qs = 120 + (3 \times400)Qs=120+(3×400)

Qs = 1320Qs=1320

and

Qd = 1200 - 400 = 800Qd=1200−400=800

From the above price Rd 400, we can say that There is more supply than Demand because the price is high.

When Price rises to Rs 120

Qs = 120 + (3 \times120)Qs=120+(3×120)

Qs = Rs 480Qs=Rs480

And

Qd = 1200 - 120 = Rs 1080Qd=1200−120=Rs1080

Explanation:

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