1)Let, individual demand Qdx=12-2px & individual supply Qsx=20Px . If there are 10,000 identical individuals in the market & 1,000 identical producers, then find:

i)Market demand and market supply function..

ii)   ”               “          &      “             “       schedule.

iii)  “               “         &       “            “           curve.

iv)  “  equilibrium price & quantity.

Ans: (20,000Px  , 3, 60,000)
2)A market consists of 3 consumers A, B & C whose individual demand equation are:

Qda=30-100p                   Qdb=22.5-75p             Qdc=37.5+1.25p  

and the industry/market supply equation is Qs=40+3.5p, find:

i)Market demand function

ii)Market demand schedule and curve

iii)Equilibrium price 

iv)Amount of individual demand.

Ans:(90-0.5p,  12.50,   17.5, 13.125, 53.125)


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