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Question

Market demand and supply schedules of mangoes (per day) are given by
Price(perkg)97531Qd(inkg)4681012Qs(inkg)1411852
Determine: (i) Equilibrium price and equilibrium quantity (ii) Excess demand at Rs. 3 per kg (iii) Excess supply at Rs. 7 per kg.

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Solution

(i) Equilibrium price = Rs. 5, Equilibrium = 8kg
(ii) Excess demand = 10-5= 5 kg
(iii) Excess supply = 11-6= 5kg


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