If demand curve for house cleaning services is D 45000 21P and supply curve is S 15000 9P nd the equ...........

General Studies (CHSL) Indian Economy

If demand curve for house cleaning services is D = 45000 - 21P and supply curve is S = 15000 + 9P, ?nd the equilibrium Quantity?

12000 units

6000 units

24000 units

30000 units

We now know that the equilibrium price in the market, the price that causes quantity demanded to be equal to quantity supplied, is Rs. 1000 per unit.

Now, substituting the value of p = 1000 in Qd = 45000 - 21p.

⇒ 45000 - 21*1000

⇒ 45000 - 21000

Qd = 24000 units

Therefore, the equilibrium quantity is 24000 units with the price of each being Rs. 1000.

Submit Error