Assume that the price for a pair of shoes has been set at $40. The demand for a

Question

Assume that the price for a pair of shoes has been set at $40. The demand for a pair of shoes is given by 2p + 5q = 200 and the supply for the same pair of shoes is p - 2q = 10. In both cases p is price per and a is the quantity produced or sold. Compare the Quantiry demanded and the quantity supplied. Will Assume that the price for a pair of shoes has been set at $40. The demand for a pair of shoes is given by 2p + 5q = 200 and the supply for the same pair of shoes is p - 2q = 10. In both cases p is price per and a is the quantity produced or sold. Compare the Quantiry demanded and the quantity supplied. Will Assume that the price for a pair of shoes has been set at $40. The demand for a pair of shoes is given by 2p + 5q = 200 and the supply for the same pair of shoes is p - 2q = 10. In both cases p is price per and a is the quantity produced or sold. Compare the Quantiry demanded and the quantity supplied. Will

Explanation / Answer

price, p =40

demand : 2p + 5q = 200 ,p=40

=>(2*40)+ 5q =200

=>80 +5q =200

=>5q =200-80

=>5q =120

=>q =120/5

=>q=24

supply :p - 2q = 10 ,p=40

=>40 -2q =10

=>2q =40-10

=>2q =30

=>q=30/2

=>q =15

demanded 24 pairs , supplied 15 pairs

there is shortage of 9 pairs of shoes

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