If demand curve for roller skates is D=23000−19P and supply curve is S=18000+6P, find the equilibrium Price?
- ARs 100
- BRs 400
- CRs 50
- DRs 200
Solution & Step-by-step Explanation
At market equilibrium, the quantity demanded (D) is equal to the quantity supplied (S).
D=S
Substitute the given equations:
23000−19P=18000+6P
Rearrange the terms to solve for P:
23000−18000=6P+19P
5000=25P
P=
25
5000
=200
Thus, the equilibrium price is Rs 200.
D=S
Substitute the given equations:
23000−19P=18000+6P
Rearrange the terms to solve for P:
23000−18000=6P+19P
5000=25P
P=
25
5000
=200
Thus, the equilibrium price is Rs 200.