According to the following graphs,what is ? The price of Y is $15 per unit.
A)12
B)15
C)20
D)25
E)none of the above

Question

According to the following graphs,what is  ?  The price of Y is $15 per unit.
A)12 
B)15 
C)20 
D)25 
E)none of the above

Quizplus · Accepted Answer

Looking at the first graph, we see that the price of X and the quantity of X demanded are inversely related. As the price of X goes up, the quantity demanded goes down. At a price of $15, the quantity demanded is 20. Therefore, at a price of $15 per unit, the consumer would demand 20 units of X. 
Looking at the second graph, we see that the price of Y and the quantity of Y supplied are directly related. As the price of Y goes up, the quantity supplied goes up. At a price of $15, the quantity supplied is 20. Therefore, at a price of $15 per unit, the producer would supply 20 units of Y. 
We need to find the equilibrium point of the two graphs, where the quantity demanded equals the quantity supplied. From the first graph, we know that at a price of $15 per unit, the quantity demanded is 20 of X. From the second graph, we know that at a price of $15 per unit, the quantity supplied is 20 of Y. Therefore, we have an equilibrium point where 20 units of X are being demanded and 20 units of Y are being supplied at a price of $15 per unit. So, the value of 11eab534_69a5_29b0_9198_a91ef1978226_TB2562_00 (which we can assume is the price of the product for which X and Y are substitutes/complementary goods) at equilibrium is $15 per unit. 
Hence, the best choice is only B.

According to the Following Graphs,what Is ? the Price