If the demand function of a product x is as dx= 15- 3Px, where Px stands for price. The quantity demanded corresponding to price of Rs. 3 is _______.
Consider the following demand and supply functions for a good.
Quantity demanded = 160 - 2p
Quantity supplied = - 40 + 2p
(i) Calculate the equilibrium price and quantity.
(ii) Find out a price at which there is excess demand.
(iii) Find out a price at which there is excess supply.