The equilibrium price of the commodity at the given demand and supply is 1,000.
The given parameters:
The equilibrium price of the commodity is calculated as follows;
At equilibrium price, the demand curve and supply curve cross each other.
[tex]QS= QD\\\\15,000 +2P = 20,000 - 3P\\\\2P+3P = 20,000 - 15,000\\\\5P = 5,000[/tex]
[tex]P = \frac{5,000}{5} \\\\P = 1,000[/tex]
Thus, the equilibrium price of the commodity is 1,000.
The complete question is below;
Determine the equilibrium price, if QD = 20000 -3P and QS = 15000 +2P.
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