00:01
Hello, in this question there are various parts which have been asked.
00:07
So in first part we have to draw a graph of equilibrium.
00:13
So to draw a graph first we will consider the equilibrium point.
00:21
In equilibrium point the quantity demanded will be equals to the quantity supplied and the values of quantity demanded and quantity supplied is given in the question.
00:31
So quantity demanded is 20 less 2p which is equals to 4p less 10.
00:38
So if we solve this we will get that it is equals to 30 equals to 6p and p will be equals to 5.
00:45
So quantity will be 20 less 2 multiplied by 5 which will be equals to 10 units.
00:57
Quantity demanded is equals to 20 less 2p price and quantity.
01:03
If price is 0 the quantity will be 20 and if price is 10 the quantity will be 0.
01:11
So this will be the first equation and if we talk about qs i can say it is 4p less 10.
01:23
So if the price is 2 .5 the quantity supplied will be 0 and if the price is 0 quantity supplied will be negative 10.
01:35
So we got the values now we can plot it and draw a graph.
01:43
Here we first draw y axis and x axis and this will be the origin.
01:53
So as we said that at 2 .5 the graph will be s 2 .5 and 0 and then the demand curve will be 10 and 20.
02:17
We are supposing it as 2 .5 this as 10 and this as 20 and this will be the 0 point.
02:29
So the point at which they are meeting or they are intersecting this point is known as equilibrium point and at equilibrium the price here will be if you can see the price will be 5 that it is a half of this y axis.
02:44
So we can estimate it as 5 and this will be 10.
02:52
So quantity equilibrium quantity is 10 and equilibrium price is 5.
02:58
Now b part.
03:02
In b part quantity demanded is equals to 20 less 2p.
03:07
After tax quantity demanded is equals to 20 less 2p plus 1.
03:17
So quantity demanded dash will be 20 less 2p less 2...