C.p.t >>economics>>demand
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 October 2013
the individual demand and supply curve of the product are Dx=12-2Px,Sx=3+5Px,where Px=price,Dx = quantity demanded,Sx=quantity supplied.if there are 5000 consumers and 1000 suppliers for the product under the question.what will be the equilibrium price?
ans:$3.8
.
.
.
can anyone explain how to solve this?
ans:$3.8
.
.
.
can anyone explain how to solve this?
13 October 2013
I believe u want to way that Overall demand is 5000 and supply is 1000
One of looking at at it
For Dx=12-2Px
For 5000 demand, Formula becomes 5000*(12-2Px) ie 60000-10000Px
For Sx=3+5Px, for 1000 supply, formula becomes 1000*(3+5Px) = 3000+5000Px
For equilibrium, 60000-10000Px=3000+5000Px
solve this, 57000=15000Px ie Px= 57000/15000 = $ 3.8
One of looking at at it
For Dx=12-2Px
For 5000 demand, Formula becomes 5000*(12-2Px) ie 60000-10000Px
For Sx=3+5Px, for 1000 supply, formula becomes 1000*(3+5Px) = 3000+5000Px
For equilibrium, 60000-10000Px=3000+5000Px
solve this, 57000=15000Px ie Px= 57000/15000 = $ 3.8
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