The demand and supply function of a commodity are given as below. Qd = 20 - 2p Qs = 6p - 12 Where p = price in naira, Qd = Quantity demanded and Qs = Quanti...

Assessment: WAEC SSCE - Economics - 2009 (Objective) Subject: Economics

Question 1 Report

The demand and supply function of a commodity are given as below.
Qd = 20 - 2p
Qs = 6p - 12
Where p = price in naira, Qd = Quantity demanded and Qs = Quantity supplied. The equilibrium price is
Answer Details
The equilibrium price is the price at which the quantity demanded equals the quantity supplied. To find the equilibrium price, we need to set Qd equal to Qs and solve for p. Qd = Qs 20 - 2p = 6p - 12 20 + 12 = 6p + 2p 32 = 8p p = 4 Therefore, the equilibrium price is 4 Naira.
Read lesson note on The Theory Of Supply (JAMB)
Read lesson note on The Theory Of Demand (JAMB)
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