Let the quantity demanded in units of a particular commodity be represented as Qd = 80 - 2P, find the quantity demanded when P = ₦3.

Assessment: JAMB UTME - Economics - 2019 Subject: Economics

Question 1 Report

Let the quantity demanded in units of a particular commodity be represented as Qd = 80 - 2P, find the quantity demanded when P = ₦3.
Answer Details
The quantity demanded (Qd) of a commodity is related to its price (P) through the equation Qd = 80 - 2P. So, if we know the price of the commodity, we can use this equation to find the quantity demanded. In this case, the price is given as ₦3. So, we can plug in this value of price into the equation to find the quantity demanded: Qd = 80 - 2P Qd = 80 - 2 * 3 Qd = 80 - 6 Qd = 74 Therefore, the quantity demanded when the price is ₦3 is 74 units.
Read lesson note on Theory Of Price Determination (WAEC)
Read lesson note on The Theory Of Demand (JAMB)
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