(a) State four characteristics of igneous rocks. (b) The table below illustrates the combined demand and supply schedule for maize. Use it to answer the que...
Question 1 Report
(a) State four characteristics of igneous rocks.
(b) The table below illustrates the combined demand and supply schedule for maize.
Use it to answer the questions that follow.
| Price (₦) |
Quantity of maize demanded (kg) |
Quantity of maize supplied (kg) |
| 20 | 50 | 340 |
| 16 | 70 | 300 |
| 12 | 125 | 250 |
| 8 | 200 | 200 |
| 4 | 350 | 130 |
(i) Draw the demand and supply curves to show the equilibrium price of maize.
(ii) Determine the excess demand for maize at a unit price of ₦4.
(iii) Determine the excess supply for maize at a unit price of ₦12.
Answer Details
(a) Four characteristics of igneous rocks:
- They are formed from the cooling and solidification of molten magma or lava.
- They are hard and crystalline.
- They are non-porous (impervious) and do not hold water.
- They contain no fossils and are not arranged in layers (non-stratified).
(b) Combined demand and supply schedule for maize:
| Price (₦) | Quantity demanded (kg) | Quantity supplied (kg) |
|---|---|---|
| 20 | 50 | 340 |
| 16 | 70 | 300 |
| 12 | 125 | 250 |
| 8 | 200 | 200 |
| 4 | 350 | 130 |
(b)(i) Equilibrium: Plot both curves with price on the vertical axis and quantity on the horizontal axis. They intersect where quantity demanded equals quantity supplied, that is at a price of ₦8 with a quantity of 200 kg. This is the equilibrium price and quantity.
(b)(ii) Excess demand at ₦4 = quantity demanded - quantity supplied = \( 350 - 130 = 220 \) kg.
(b)(iii) Excess supply at ₦12 = quantity supplied - quantity demanded = \( 250 - 125 = 125 \) kg.
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