What is equilibrium quantity demanded and supplied at equilibrium price of Rs. 3.80 per unit?

20,000

No worries! We‘ve got your back. Try BYJU‘S free classes today!

22,000

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

21,000

No worries! We‘ve got your back. Try BYJU‘S free classes today!

19,000

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A 22,000
Dx = 12 - 2px ...(Individual demand)
px = Rs. 3.80
no. of consumers = 5,000
ADx = 5,000 [12 - 2(3.80)] ....(Aggregate market demand)
= 5,000 [4.4]
= 22,000

Sx = 3 + 5px ...(Individual supply)
px = Rs. 3.80
no. of suppliers = 1,000
ASx = 1,000 [3 + 5(3.80)] ....(Aggregate market supply)
= 1,000 [22]
= 22,000

Suggest Corrections

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 ________.

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 ________.

Q. If the price of a video rental is below the equilibrium price, the quantity supplied is __________ than the quantity demanded. If the price of video rental is above the equilibrium price, the quantity supplied is _________ than the quantity demanded.

Suppose the demand and supply curves of a commodity are given as:
$Y^{d} = 200 - p$
$Y^{s} = 120 + p$
(i) Find the equilibrium price and equilibrium quantity.
(ii) Also show that at a price of Rs. 30, there is excess demand and at a price of Rs. 45, there is excess supply.

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.

Join BYJU'S Learning Program