Q. 154.0( 2 Votes )

Suppose the deman

Answer :


At equilibrium qd = qs


700 – p = 500 + 3p


– p -3p = 500 – 700


– 4p = – 200


p = 50


Equilibrium price is Rs 50.


Quantity = qs = 500 + 3p


= 500 + 3 (50)


= 500 + 150


= 650


Therefore, the equilibrium quantity is 650 units.


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