The supply of mangoes is represented as P=0.3Q, where P is the price ($) and Q is the quantity. What is P when Q is 50?

Assessment: WAEC SSCE - Economics - 2021 (Objective) Subject: Economics

Question 1 Report

The supply of mangoes is represented as P=0.3Q, where P is the price ($) and Q is the quantity. What is P when Q is 50?

Answer Details
To find the price (P) when the quantity (Q) is 50, we can substitute Q = 50 into the given equation P = 0.3Q. P = 0.3 x Q P = 0.3 x 50 P = 15 Therefore, when the quantity of mangoes supplied is 50, the price is $15. This means that if a buyer wants to purchase 50 mangoes, they would need to pay $15 in total. Hence, the correct answer is option B: $15.00.
Read lesson note on Theory Of Price Determination (WAEC)
Read lesson note on Supply (WAEC)
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