Post Utme Caleb University 2023 Economics Question 14

Practice objective / multiple choice question 14 from the 2023 Post Utme Caleb University Economics examination.

Post Utme Caleb University 2023 Economics Objective / Multiple Choice

Question 14 POST_UTME_CALEB_UNIVERSITY • 2023 • ECONOMICS • objective

A firm's demand function is given by the equation Q = 100 - 2P. If the firm's supply function is Q = 50 + 3P, what is the equilibrium price and quantity?

Answer Options

Correct Answer A. P^* = 16.67, Q^* = 25

B. P^* = 20, Q^* = 30

C. P^* = 15, Q^* = 20

D. P^* = 18.33, Q^* = 22.67

Correct Answer

Correct Option:

P^* = 16.67, Q^* = 25

About This Question

This is Post Utme Caleb University 2023 Economics Question 14. It is one of the objective questions from the 2023 Post Utme Caleb University Economics examination.

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