Mathematics · Microeconomics - Market Equilibrium
In a specific market, the demand and supply functions for organic wheat are given by the following equations: Demand: Qd = 1200 - 40P Supply: Qs = 200 + 10P Where P represents the price in rupees per quintal. Calculate the equilibrium price and equilibrium quantity.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Price = 30, Quantity = 500
- 2Price = 15, Quantity = 600
- 3Price = 25, Quantity = 450
- 4Price = 20, Quantity = 400✓
Correct answer
Price = 20, Quantity = 400
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