If demand curve for alphonso mangoes is d = 25000 70p and supply curve is s = 10000 + 80p, find the equilibrium quantity?
Answers
Answered by
1
d = s
25000 +70p =10000+ 80p
p =1500
then put the value of P in eq.
to get ur eq. quantity
25000 +70p =10000+ 80p
p =1500
then put the value of P in eq.
to get ur eq. quantity
Answered by
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.
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.
Similar questions