1.

Suppose the demand and supply curves of a commodity 'X' in a perfectly competitive market are given by: Qd = 700 - p Qs = 500 + 3p, for p ≥ 15 = 0, for 0 < p < 15 Find the equilibrium price and equilibrium quantity.

Answer»

Suppose the demand and supply curves of a commodity 'X' in a perfectly competitive market are given by:
Qd = 700 - p
Qs = 500 + 3p, for p 15
= 0, for 0 < p < 15
Find the equilibrium price and equilibrium quantity.



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