Question 5
MediumOriginal questionDemand is Qd = 50 − 2P and supply is Qs = 3P − 10. What is the equilibrium quantity?
Show the answer and explanation
CorrectNot quiteAnswer B
Correct answer: B
Explanation
50 − 2P = 3P − 10, so 5P = 60 and P = ₹12.
Q = 50 − 24 = 26 (check: 36 − 10 = 26).
Worth noting
12 is the equilibrium price.
- Concept
- Equilibrium quantity from functions
- Typical timeTypical
- 70 s
- Your timeYours
- —
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