ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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17.5
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7
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7.5
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4.3
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Detailed explanation-1: -In economics, the equilibrium price is calculated by setting the supply function and demand function equal to one another and solving for the price.
Detailed explanation-2: -The market demand curve is obtained by adding together the demand curves of the individual households in an economy. As the price increases, household demand decreases, so market demand is downward sloping. The market supply curve is obtained by adding together the individual supply curves of all firms in an economy.
Detailed explanation-3: -Use the supply function for quantity. You use the supply formula, Qs = x + yP, to find the supply line algebraically or on a graph. Use the demand function for quantity. Set the two quantities equal in terms of price. Solve for the equilibrium price. 03-Mar-2023