Given market demand Qd=50-p, and market supply p=Qs+5.what would be the state of the market if market price was fixed at Birr 25

Question

topjm [15]

2 years ago

7

Given market demand Qd=50-p, and market supply p=Qs+5.what would be the state of the market if market price was fixed at Birr 25

per unit?

Mathematics

1 answer:

Lemur [1.5K] · Answer 1 · 2023-03-13T10:49:13+03:00

The state of the market if market price was fixed at Birr 25 per unit is excess demand

<h3>Quantity demanded</h3>

Qd = 50 - p

p = Qs + 5

p - 5 = Qs

if market price was fixed at Birr 25 per unit?

Qd = 50 - p

= 50 - 25

Qd = 25

Qs = p - 5

= 25 - 5

Qs = 20

The state of the market if market price was fixed at Birr 25 per unit is excess demand (demand greater than supply) leading to an increase in price.

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