Question
In a competitive market for a specific financial
commodity, the daily Demand and Supply functions are given as follows: ·       Demand Function: Qd = 1,200 - 4P ·       Supply Function: Qs = -200+3P Where P is the price in ₹ and Q is the quantity in units. Calculate the Equilibrium Price (Pe) and the Equilibrium Quantity (Qe) for this market.ÂSolution
Under the equilibrium condition, Demand function = supply function As such, Qd = Qs 1,200 - 4P = -200+3P 7P = 1400 P = 200  With P = 200, using the demand function, Q = 1200 - 4x200 = 1200 – 800 = 400 units  Equilibrium Price (Pe)is Rs.200 and the Equilibrium Quantity (Qe) is 400 units.
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