Question

qd=1900-60p qs=300-20p where p is the price in rupees of a surf Excel and qd is quantity demanded of asurf Excel qs is quantity supplied of apacket of surf Excel calculate the market equilibrium level of price and quantity
​

Answer 1

SOLUTION

GIVEN

$\sf{Q_d = 1900 - 60p \: \: \: and \: \: Q_s = 300 + 20p}$

where p is the price in rupees of a surf Excel

TO DETERMINE

The market equilibrium level of price and quantity

EVALUATION

Here it is given that

$\sf{Q_d = 1900 - 60p \: \: \: and \: \: Q_s = 300 + 20p}$

Now at the equilibrium level

$\sf{Q_d = Q_s }$

$\sf{ \implies \: 1900 - 60p = 300 + 20p }$

$\sf{ \implies \: 60p + 20p = 1900 - 300 }$

$\sf{ \implies \: 80p = 1600 }$

$\sf{ \implies \: p = 20 }$

Hence the required price = Rs. 20

Required quantity

= ( 1900 - 60 × 20)

= 1900 - 1200

= 700

FINAL ANSWER

The required price = Rs. 20

The required quantity = 700

━━━━━━━━━━━━━━━━

N:B : A correction in the question has been done. If we solve the above problem with the given the values then the value of quantity is negative - which is absurd.

━━━━━━━━━━━━━━━━

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 a seller gets ₹ 10,000 by selling 100 units and ₹ 14,000 by selling 120 units, then marginal revenue is

https://brainly.in/question/31427263

Answer 2

$\huge\underline{\bf \red{ ❥ ᴀɴsᴡᴇʀ }}$

• Refer to the attachment ☃️