Kindly explain in detail, how to solve it: Suppose that in the daily market for Oranges in Kolkata there is excess demand for 100 oranges at the price of re. 1. If price rises by re. 1, demand for oranges falls by 20 and supply rises by 5, the price that will equilibrate the market for oranges is? A) Rs. 3 B) Rs. 6 C) Rs. 21 D) Rs. 5 Thanks!
