Question

suppose the demand supply curve of commodity x in perfectly competitive market are given below

$qd = 700 - p$

$qs = 500 + 3p \: for \: p \geqslant 15$
$= \: 0 \: for \: 0 \leqslant p < 15$
​assume that the market consist 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 of this commodity ? At equilibrium , what quantity of X will be produced ?

Answer 1

Answer:

Sorry I didn't know..........

Answer 2

Answer:

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