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Assume that demand for a commodity is represented by the equation Qd=50000-6P and supply by the equation Qs=10P-30000, where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price. Solve the equations to determine equilibrium quantity. Graph the two equations to substantiate your answers.?
Most Upvoted Answer
Assume that demand for a commodity is represented by the equation Qd=5...
Solution:
Equating demand and supply equation, we get
50000-6P = 10P-30000
Solving for P, we get
16P = 80000
P = 5000
Substituting P in either of the equation, we get
Qd = 50000-6(5000) = 20000
Qs = 10(5000)-30000 = 20000
Therefore, equilibrium quantity is 20000.
Graphical representation:
The demand and supply equation can be represented graphically as shown below:
 = 20000
Qs = 10(5000)-30000 = 20000
Therefore, equilibrium quantity is 20000.
Graphical representation:
The demand and supply equation can be represented graphically as shown below:
 https://www.edurev.in/api/image/5f0819d40e6f4.jpeg) | ) |
The intersection point of demand and supply curve represents equilibrium quantity. As shown in the graph, the equilibrium quantity is 20000.
Explanation:
- Equilibrium quantity is the quantity at which demand and supply are equal.
- The demand equation represents the relationship between price and quantity demanded, whereas the supply equation represents the relationship between price and quantity supplied.
- Equating the demand and supply equation gives the price at which quantity demanded and quantity supplied are equal, which is the equilibrium price.
- Substituting the equilibrium price in either of the equations gives the equilibrium quantity.
- Graphically, the intersection point of demand and supply curve represents the equilibrium quantity.
Community Answer
Assume that demand for a commodity is represented by the equation Qd=5...
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Assume that demand for a commodity is represented by the equation Qd=50000-6P and supply by the equation Qs=10P-30000, where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price. Solve the equations to determine equilibrium quantity. Graph the two equations to substantiate your answers.?
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Assume that demand for a commodity is represented by the equation Qd=50000-6P and supply by the equation Qs=10P-30000, where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price. Solve the equations to determine equilibrium quantity. Graph the two equations to substantiate your answers.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Assume that demand for a commodity is represented by the equation Qd=50000-6P and supply by the equation Qs=10P-30000, where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price. Solve the equations to determine equilibrium quantity. Graph the two equations to substantiate your answers.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Assume that demand for a commodity is represented by the equation Qd=50000-6P and supply by the equation Qs=10P-30000, where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price. Solve the equations to determine equilibrium quantity. Graph the two equations to substantiate your answers.?.
Assume that demand for a commodity is represented by the equation Qd=50000-6P and supply by the equation Qs=10P-30000, where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price. Solve the equations to determine equilibrium quantity. Graph the two equations to substantiate your answers.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Assume that demand for a commodity is represented by the equation Qd=50000-6P and supply by the equation Qs=10P-30000, where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price. Solve the equations to determine equilibrium quantity. Graph the two equations to substantiate your answers.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Assume that demand for a commodity is represented by the equation Qd=50000-6P and supply by the equation Qs=10P-30000, where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price. Solve the equations to determine equilibrium quantity. Graph the two equations to substantiate your answers.?.
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Assume that demand for a commodity is represented by the equation Qd=50000-6P and supply by the equation Qs=10P-30000, where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price. Solve the equations to determine equilibrium quantity. Graph the two equations to substantiate your answers.?, a detailed solution for Assume that demand for a commodity is represented by the equation Qd=50000-6P and supply by the equation Qs=10P-30000, where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price. Solve the equations to determine equilibrium quantity. Graph the two equations to substantiate your answers.? has been provided alongside types of Assume that demand for a commodity is represented by the equation Qd=50000-6P and supply by the equation Qs=10P-30000, where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price. Solve the equations to determine equilibrium quantity. Graph the two equations to substantiate your answers.? theory, EduRev gives you an
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