Study the following table, figure, passage and answer the questions given below it (any two): Observe the given diagram and answer the following questions:[Figure: Price (in ₹) on the Y-axis marked 0, 100, 200, 300, 400, 500; Quantity Demanded and Qu…

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Q.5 (ii) Study the following table, figure, passage and answer the questions given below it (any two): Observe the given diagram and answer the following questions: [Figure: Price (in ₹) on the Y-axis marked 0, 100, 200, 300, 400, 500; Quantity Demanded and Quantity Supplied (in Kg) on the X-axis marked 1000, 2000, 3000, 4000, 5000. A downward-sloping demand curve DD and an upward-sloping supply curve SS intersect at point E, at price ₹ 300 and quantity 3000 kg. Above E (between the curves) is labelled “SS > DD Excess Supply”; below E is labelled “Excess Demand DD > SS”.] Questions: (1) What is represented on ‘X’ axis in the above diagram? (1) (2) Which price shows equilibrium price of demand and supply? (1) (3) What is represented on ‘Y’ axis in the above diagram? (1) (4) Which point represents the demand and supply equilibrium point in above diagram? (1)

Doubtly AI · Accepted Answer

Answer: (1) Quantity demanded and quantity supplied (in kg); (2) ₹ 300; (3) Price (in ₹); (4) Point E (1) The X-axis shows quantity demanded and quantity supplied in kg. (2) The equilibrium price is ₹ 300, where quantity demanded equals quantity supplied (3000 kg). (3) The Y-axis shows price in ₹. (4) Point E, where the demand curve DD cuts the supply curve SS, is the equilibrium point. Above ₹ 300 there is excess supply (SS > DD); below ₹ 300 there is excess demand (DD > SS).

Study the following table, figure, passage and answer the questions given below it (any two): Observe the given diagram and answer the following questions:[Figure: Price (in ₹) on the Y-axis marked 0, 100, 200, 300, 400, 500; Quantity Demanded and Qu…

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