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In a perfect competition, the demand curve of a commodity is D=20-3p-p² and the supply curve is S=5p-1, where p is price, D is demand and S is supply. Find the equilibrium price and the quantity exchanged.
In a perfect competition, the demand curve of a commodity is D=20-3p-p² and the supply curve is S=5p-1, where p is price, D is demand and S is supply. Find the equilibrium price and the quantity exchanged.
Solution
Previous article: A horse and a cow were sold for Rs. 3040 making a profit of 25% on the horse and 10% on the cow. By selling them for Rs. 3070 the profit realized would have been 10% on horse and 25% on the cow. Find the cost price of each.
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Next article: If the demand and supply laws are respectively given by the equations 4q+9p=48 and p=q/9+2. Find the equilibrium price and quantity.
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Financial Statement Analysis
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