What is a budget constraint?
1 answer:
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Answer:
130, 150
Explanation:
Here, in the question the graph is missing. So, in the attachment the graph is attached.
Equilibrium is the state or condition, where there is balance or stable situation, which means that the opposing forces cancel each other force out and no changes or variations happen or occur.
In short, it is defined as the state where the quantity demanded is equal to the quantity supplied, where there is no loss to the business.
From the graph, we could analyze that the new equilibrium price is 130 and at this price, the new equilibrium quantity is 150.
