Question

Under what condition increase in demand would not make any effect on equilibrium quantity?

Answer 1

Explanation:

ABCD be a tile, such that BD = 45cm & AC = 30cm

Area of each tile =

2

AC×BD

=

2

45×30

=675cm

2

Area of 3000 tiles = 300×675=2025000cm

2

=202.5m

2

Cost of flooring = Rs.(202.5×20)=Rs.4050

Answer 2

Answer:

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Explanation:

A decrease in demand and an increase in supply will cause a fall in equilibrium price, but the effect on equilibrium quantity cannot be determined.

1. For any quantity, consumers now place a lower value on the good, and producers are willing to accept a lower price; therefore, price will fall.