Question

1. At a price of $15 a unit, how many units are consumers willing to buy?
2. At a price of $5 a unit, how many units are suppliers willing to supply?
3. What is the equilibrium price shown?

Answer 1

The consumer's willingness to buy products as per the given information will be,

1. At a price of $15, consumers are willing to buy 0 units;
2. At a price of $5 a unit, suppliers are willing to supply 5 units;
3. The equilibrium price as shown in the graph will be $7.5.

What is an equilibrium price?

A point of price where the quantity demanded and quantity supplied for a commodity in the given market conditions in equal, such a condition related to an equilibrium price.

Hence, the significance of an equilibrium price is aforementioned. The complete question with graph is attached in the image below for better reference.

Learn more about equilibrium price here:

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