Market demand and supply schedules of mangoes per day are given byWhinePriceper kg - 9 - 7 - 5 - 3 - 1 11- Qdin kg - 4 - 6 - 8 - 10 - 12 whhine Qsin kg - 14 - 11 - 8 - 5 - 2 illhlinelendarray 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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Standard XI

Economics

Duopoly Games

Market demand...

Question

Market demand and supply schedules of mangoes (per day) are given by
$\begin{matrix} P r i c e (p e r k g) & 9 & 7 & 5 & 3 & 1 Q d (i n k g) & 4 & 6 & 8 & 10 & 12 Q s (i n k g) & 14 & 11 & 8 & 5 & 2 \end{matrix}$
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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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.

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

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