Question

There are 10,000 identical individual buyers in the market for commodity X, each with a demand function given by Qdx = 12 – 2Px and 1,000 identical producers of commodity X, each with a supply function given by Qsx = 20Px.
(i) Find the market demand function and the market supply function for commodity X.
(ii) Obtain the equilibrium price and equilibrium quantity.
(iii) Suppose the government decides to collect a sales tax of Rs 2 per unit sold from each of the 1,000 sellers of commodity X. What effect will this have on the equilibrium price and quantity of commodity X?

Answer 1

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Answer 2

Market Demand function in Economics. The market demand function for a product is a statement of the relation between the aggregate quantity demanded and all factors that affect this quantity.

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