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Consumer & Producer Surplus · Question 30 of 70

How many crates of tomatoes change hands at the market's equilibrium?

Question 30

EasyOriginal question

In a weekly vegetable market, the demand for a crate of tomatoes is p=90−3xp = 90 - 3x and the supply is p=10+xp = 10 + x, where xx is the number of crates and pp the price in rupees.

How many crates of tomatoes change hands at the market's equilibrium?

Options for question 30

Show the answer and explanation
CorrectNot quiteAnswer A

Correct answer: A

Explanation

  1. At equilibrium demand price = supply price: 90−3x=10+x90 - 3x = 10 + x.

  2. 4x=804x = 80, so x=20x = 20.

Worth noting

40 divides 80 by 2, adding the slopes as 3−13 - 1.

Concept
Equilibrium quantity
Typical time
90 s
Your time
—
The rule this testsMarket equilibrium
Practise this chapter →

Ten questions from Consumer & Producer Surplus, at your own pace.

Practise this chapter →

Ten questions from Consumer & Producer Surplus, at your own pace.