Suppose the deman

At equilibrium q_d = q_s

700 – p = 500 + 3p

– p -3p = 500 – 700

– 4p = – 200

p = 50

Equilibrium price is Rs 50.

Quantity = q_s = 500 + 3p

= 500 + 3 (50)

= 500 + 150

= 650

Therefore, the equilibrium quantity is 650 units.