Waec Model Questions Vol1 2025 Economics Question 6

Practice objective / multiple choice question 6 from the 2025 Waec Model Questions Vol1 Economics examination.

Waec Model Questions Vol1 2025 Economics Objective / Multiple Choice Easy Difficulty
Question 6 WAEC_MODEL_QUESTIONS_VOL1 • 2025 • ECONOMICS • objective

The market for wheat is described by the linear demand equation Qd = 1000 - 2P and the linear supply equation Qs = 3P - 300, where P is the price per kilogram in Naira and Q is quantity in thousands of kilograms. The government imposes a specific tax of N20 per kilogram on sellers. Determine the new equilibrium consumer price, the equilibrium quantity, and the total tax revenue collected per month.

Answer Options

Correct Answer A. Consumer price = N272 per kg; equilibrium quantity = 456,000 kg; tax revenue = N9,120,000 per month
B. Consumer price = N300 per kg; equilibrium quantity = 400,000 kg; tax revenue = N12,000,000 per month
C. Consumer price = N260 per kg; equilibrium quantity = 480,000 kg; tax revenue = N10,400,000 per month
D. Consumer price = N285 per kg; equilibrium quantity = 420,000 kg; tax revenue = N8,550,000 per month
Correct Answer
A
Correct Option:
Consumer price = N272 per kg; equilibrium quantity = 456,000 kg; tax revenue = N9,120,000 per month

About This Question

This is Waec Model Questions Vol1 2025 Economics Question 6. It is one of the objective questions from the 2025 Waec Model Questions Vol1 Economics examination.

Difficulty level: Easy .

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