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Derive the equilibrium price from the above schedule with the help of a suitable diagram. - Economics

Diagram

Observe the table and answer the question:

Price of banana (per dozen) in ₹ Demand (in dozen) Supply (in dozen) Relation between DD and SS
10 500 100 DD > SS
20 400 _____ DD > SS
30 _____ 300 DD = SS
40 200 _____ DD < SS
50 ______ 500 DD < SS

Derive the equilibrium price from the above schedule with the help of a suitable diagram.

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Solution

Price of banana (per dozen) in ₹ Demand (in dozen) Supply (in dozen) Relation between DD and SS
10 500 100 DD > SS
20 400 200 DD > SS
30 300 300 DD = SS
40 200 400 DD < SS
50 100 500 DD < SS

Concept: Forms of Market
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APPEARS IN

Balbharati Economics 12th Standard HSC Maharashtra State Board
Chapter 5 Forms of Market
Exercise | Q 6. (2) | Page 52
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