Question

Suppose the demand and supply curve of commodity X in a perfectly competitive market are given by qD = 700 − p qS = 500 + 3p for p ≥ 15 = 0 or 0 ≤ p 15 Assume that the market consists of identical firms. Identify the reason behind the market supply of commodity X being zero at any price less than Rs 15. What will be the equilibrium price for this commodity? At equilibrium, what quantity of X will be produced?

Answer 1

Explanation:

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