Per Unit Price of Commodity X (Rs.) Quantity Demanded of Commodity X (Units)
Quantity Supplied of Commodity X (Units)
10 50 110
20 60 100
30 70 90
40 80 80
50 90 70
60 100 60
70 110 50
On the basis of the table, equilibrium is attained at price ________.

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Solution

The correct option is C 40
Equilibrium is a state at which the quantity supplied is equal to the quantity demanded. Hence, neither buyers nor sellers want to change their behaviour. They are exact same. Hence, in the given illustration the price at which quantity supplied is equal to the quantity demanded is at Rs.40. Hence, equilibrium is attained at this price.

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Similar questions

Per Unit Price of Commodity X (Rs.)	Quantity Demanded of Commodity X (Units)	Quantity Supplied of Commodity X (Units)
10	50	110
20	60	100
30	70	90
40	80	80
50	90	70
60	100	60
70	110	50

On the basis of the table, equilibrium quantity is attained at ________.

Q. A consumer purchased 10 units of a commodity when its price was Rs 5 per unit. He purchases 12 units of the commodity when price falls to Rs 4 per unit. Calculate the price elasticity of demand for the commodity.

Q. Price elasticity of supply for a commodity is

5

. When price of the commodity rises from

R s . 9

per unit to

R s . 10

per unit, supply rises by

25

units. Calculate quantity supplied at

9

per unit.

A firm supplied 500 units of a commodity at a price of Rs. 5 per unit. The price elasticity of supply is 3. At what price will the firm supply 700 units?

Q. The price elasticity of supply of a commodity is

2.5

. At a price of

R s . 5

per unit, its quantity supplied is

300

units. Calculate its quantity supplied at a price of

R s . 4

per unit.

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Per Unit Price of Commodity X (Rs.)Quantity Demanded of Commodity X (Units)Quantity Supplied of Commodity X (Units)1050110206010030709040808050907060100607011050On the basis of the table, equilibrium is attained at price ________.

Per Unit Price of Commodity X (Rs.) Quantity Demanded of Commodity X (Units)
Quantity Supplied of Commodity X (Units)
10 50 110
20 60 100
30 70 90
40 80 80
50 90 70
60 100 60
70 110 50
On the basis of the table, equilibrium is attained at price ________.