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WAEC SSCE - Economics - 2000 (Objective)

Question 1 Report

The quantity supplied of a book per week is represented by the function: Qs + 70 + 1/2 P, At a price of N8.00, the quantity supplied is

Answer Details
The quantity supplied of a book per week is given by the function: Qs = 70 + 1/2P, where P is the price of the book. To find the quantity supplied at a price of N8.00, we substitute P=8 into the equation: Qs = 70 + 1/2(8) Qs = 70 + 4 Qs = 74 Therefore, the quantity supplied of the book per week at a price of N8.00 is 74.
Read lesson note on Theory Of Price Determination (WAEC)
Read lesson note on The Theory Of Price Determination (JAMB)
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