Question

If demand curve for alphonso mangoes is d = 25000 70p and supply curve is s = 10000 + 80p, find the equilibrium quantity?

Answer 1

d = s
25000 +70p =10000+ 80p
p =1500

then put the value of P in eq.
to get ur eq. quantity

Answer 2

At equilibrium, demand is equal to supply.

Therefore we equate the demand to The supply.

10000 + 80p= 25000 + 70p

Collecting the like terms together we have :

80p-70p=25000-10000

10p=15000

P=1500

The equilibrium price is equal to P which is 1500.

The equilibrium quantity is given by Substituting the value of p in either the demand or supply equation since they give the same answer.

Using the supply equation we get:

1500 × 80 +10000=130000

Equilibrium quantity =130000alphonso mangoes.