Post Utme Elizade University 2017 Economics Question 9

Practice objective / multiple choice question 9 from the 2017 Post Utme Elizade University Economics examination.

Post Utme Elizade University 2017 Economics Objective / Multiple Choice

Question 9 POST_UTME_ELIZADE_UNIVERSITY • 2017 • ECONOMICS • objective

A country's demand for a particular good can be represented by the demand curve D = 100 - 2P, where D is demand and P is price. If the supply curve is given by S = 2P + 10, what is the equilibrium price and quantity?

Answer Options

Correct Answer A. P^* = 22.5, Q^* = 40

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

C. P^* = 25, Q^* = 35

D. P^* = 30, Q^* = 40

Correct Answer

Correct Option:

P^* = 22.5, Q^* = 40

About This Question

This is Post Utme Elizade University 2017 Economics Question 9. It is one of the objective questions from the 2017 Post Utme Elizade University Economics examination.

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