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Suppose the demand and supply curves of a beverage are given by: qD = 1,500 + p qS = 500 + 2p Calculate equilibrium price. |
2000 2500 900 1000 |
1000 |
The correct answer is option 4: 1000 At equilibrium, market supply = market demand. Equating them, we get 1500+p = 500+ 2p 1500-500 = 2p - p 1000 = p Thus, the equilibrium price is 1000. |
