Using appropriate schedules, briefly describe the determination of market equilibrium.
Using appropriate schedules, briefly describe the determination of market equilibrium.
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| Price (in Rs.) | Demand (in Units) | Supply (in Units) |
| 1 | 16 | 4 |
| 2 | 14 | 6 |
| 3 | 12 | 8 |
| 4 | 10 | 10 |
| 5 | 8 | 12 |
| 6 | 6 | 14 |
Schedule
Explanation:
In the above schedule the market equilibrium is established at price of Rs.4 where the quantity demanded and quantity supplied are equal, with equilibrium quantity of 10 units.
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