Given that the demand and supply curves for commodity X are as follows: S = 60 + 1⁄3P D = 90 – 2⁄3P (where S = quantity supplied in units, D is quantity demanded in units and P is the price in Rs). Calculate equilibrium price and quantity the price of commodity X. [5 marks]

/in /by

Given that the demand and supply curves for commodity X are as follows:
S = 60 + 1⁄3P
D = 90 – 2⁄3P
(where S = quantity supplied in units, D is quantity demanded in units and P is the price in
Rs).
Calculate equilibrium price and quantity the price of commodity X. [5 marks]

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