Question 4
MediumOriginal questionDemand is Qd = 200 − 4P and supply is Qs = 6P. What is the equilibrium price?
Show the answer and explanation
CorrectNot quiteAnswer A
Correct answer: A
Explanation
200 − 4P = 6P, so 10P = 200 and P = ₹20.
Equilibrium quantity = 6 × 20 = 120.
Worth noting
120 is the equilibrium quantity, not the price.
- Concept
- Equilibrium price from functions
- Typical timeTypical
- 70 s
- Your timeYours
- —
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