Ayushi posted an Question
August 26, 2020 • 05:44 am 30 points
  • UGC NET
  • Economics

104.1f demand function is p 100 4x and supply function is p 30 +x, then find the equilibrium price: yf htt p- 100-4x r g rttp 30+x, tgah (1 44 (2) 16 14 (4) 30

104.1f demand function is P 100 4x and supply function is P 30 +X, then find the equilibrium price: yf HTT P- 100-4x r g RTTP 30+x, TgaH (1 44 (2) 16 14 (4) 30

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    Nidhi taparia Best Answer

    The correct answer is (1) 44. Given, Equation 1 : p = 100 - 4x Equation 2 : p = 30 + x At equilibrium, demand price = supply price. So p (in equation 1) = p (in equation 2) 100 - 4x = 30 + x, or 70 = 5x, or x = 14. (x is the quantity). Now, p = 30 + x = 30 + 14 = 44 or p = 100 - 4x = 100 - 4(14) = 100 - 56 = 44.

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