Answer to Question #329823 in Microeconomics for Princy

Question

(a) The demand (D) and supply (S) equations for a commodity (X) are given by:- D = 2000 – 20P S = -500 + 30P, where P = Price (R) per unit (i) Find the equilibrium price and quantity and show on a suitable diagram.

Answer 1

$D=2000-20P,$

$S=-500+30P,$

$P=50,$

$D=S=1000.$