Examkin

Soru

Zorluk: KolayMarket Equilibrium Price and Quantity

The demand and supply functions for a commodity are given as Qd=50−4PQ_d = 50 - 4P and Qs=10+6PQ_s = 10 + 6P, where PP represents the price in Naira, QdQ_d is the quantity demanded, and QsQ_s is the quantity supplied. What is the equilibrium price of the commodity?

  1. ₦4.00Cevap
  2. B
    ₦6.00
  3. C
    ₦10.00
  4. D
    34 units

Cevap

The equilibrium price is ₦4.00.
Market equilibrium occurs where quantity demanded equals quantity supplied (Qd=QsQ_d = Q_s). Setting 50−4P=10+6P50 - 4P = 10 + 6P yields 10P=4010P = 40, which simplifies directly to P=₦4.00P = ₦4.00.

Adım Adım Çözüm

1
Set the demand equation equal to the supply equation.
50−4P=10+6P50 - 4P = 10 + 6P
Market equilibrium occurs at the price level where quantity demanded equals quantity supplied (Qd=QsQ_d = Q_s).
2
Collect like terms on opposite sides of the equation.
50−10=6P+4P  ⟹  40=10P50 - 10 = 6P + 4P \implies 40 = 10P
Grouping constants and coefficients allows isolating the price variable PP.
3
Solve for PP.
P=4010=4P = \frac{40}{10} = 4
Dividing both sides by 10 yields the equilibrium price of ₦4.00.

Anahtar Kavram

Market Equilibrium Determination
Tahmini Süre:45s
Bu soruyu puanla

Konular

Market Equilibrium Price and Quantity

Bu konudan daha fazla soru