1.

Using appropriate schedules, briefly describe the determination of market equilibrium.

Answer»
Price (in Rs.)Demand (in Units)Supply (in Units)
1164
2146
3128
41010
5812
6614

 

Schedule

Explanation:

In the above schedule the market equilibrium is established at price of Rs.4 where the quantity demanded and quantity supplied are equal, with equilibrium quantity of 10 units.



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