There are 5000 identical individual buyers in the market for commodity X, and the demand function for commodity X is given by given by Qdx = 24 - 4Px. There are 500 identical producers of commodity X, each with a Supply function given by Qsx = 40Px a) Find the market demand function b) Find the market supply function for commodity X keeping maximum price 8 c) Mathematically find the equilibrium price and the equilibrium quantity.
estion 1:
There are 5000 identical individual buyers in the market for commodity X, and the demand function for commodity X is given by given by Qdx = 24 -
4Px. There are 500 identical producers of commodity X, each with a Supply function given by Qsx = 40Px
a) Find the
b) Find the market supply function for commodity X keeping maximum price 8
c) Mathematically find the
d) Make on (the table given below) market demand schedule and Market Supply Schedule, keeping maximum price 8
e) Plot, on one set of axes, the market demand curve and the market supply curve for commodity X and show the equilibrium point.
Market Demand Schedule
Price Quantity
Market Supply Schedule
Price Quantity
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