If demand curve for roller skates is D 23000 19P and supply curve is S 18000 6P nd the equilibrium P...........

General Studies (CHSL) Indian Economy

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If demand curve for roller skates is D = 23000 - 19P and supply curve is S = 18000 + 6P, ?nd the equilibrium Price?

Rs. 100

Rs. 400

Rs. 50

Rs. 200

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Explanation:

Equilibrium means a state of no change. Evidently, at the equilibrium price, both buyers and sellers are in a state of no change. Technically, at this price, the quantity demanded by the buyers is equal to the quantity supplied by the sellers. Both market forces of demand and supply operate in harmony at the equilibrium price.