The demand and supply functions are given by D(x) = 16 – x2 and S(x) – InterviewSolution

1.

The demand and supply functions are given by D(x) = 16 – x2 and S(x) = 2x2 + 4 are under perfect competition, then the equilibrium price x is ________ (a) 2 (b) 3 (c)4 (d) 5

Answer»

(a) 2

D(x) = 16 – x² , S(x) = 2x² + 4

Under equilibriuim, D(x) = S(x)

⇒ 16 – x² = 2x² + 4

⇒ 3x² = 12

⇒ x = ±2.

Since x cannot be negative x = 2.

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