Given that the prices and quantities supplied in litres of petrol is expressed as Qs = 25 + 0 25P.Qs is the quantity supplied and P is price. Determine the ...
Question 1 Report
Given that the prices and quantities supplied in litres of petrol is
expressed as Qs = 25 + 0 25P.Qs is the quantity supplied and P is price.
Determine the quantity supplied when price per litre is N30
Answer Details
The equation Qs = 25 + 0.25P represents the relationship between the quantity supplied (Qs) of petrol and its price (P).
When the price per litre is N30, we can substitute this value into the equation to find the quantity supplied:
Qs = 25 + 0.25 * 30
Qs = 25 + 7.5
Qs = 32.5
So, the quantity supplied of petrol when the price per litre is N30 is 32.5 litres.
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