Introductory Microeconomics>Chapter 5 - Market Equilibrium>Q 29

HARD

12th CBSE

IMPORTANT

Earn 100

Suppose the demand and supply curves of salt are given by

$q^{D} = 1.000 - p q^{s} = 700 + 2 p$

Now suppose that the price of an input used to produce salt has increased so that the new supply curve is

$q^{s} = 400 + 2 p$

How does the equilibrium price and quantity change? Does the change conform to your expectation?

Important Questions on Market Equilibrium

HARD

12th CBSE

IMPORTANT

Introductory Microeconomics>Chapter 5 - Market Equilibrium>Q 30

Suppose the demand and supply curves of salt are given by:

$q^{D} = 1.000 - p q^{s} = 700 + 2 p$

Suppose the government has imposed a tax of Rs $3$ per unit of sale on salt. How does it affect the equilibrium price and quantity?

HARD

12th CBSE

IMPORTANT

Introductory Microeconomics>Chapter 5 - Market Equilibrium>Q 31

Suppose the market-determined rent for apartments is too high for common people to afford. If the government comes forward to help those seeking apartment on rent by imposing control on rent, what impact will it have on the market for apartments?