Post Utme Wellspring University 2018 Economics Question 18

Practice objective / multiple choice question 18 from the 2018 Post Utme Wellspring University Economics examination.

Post Utme Wellspring University 2018 Economics Objective / Multiple Choice

Question 18 POST_UTME_WELLSPRING_UNIVERSITY • 2018 • ECONOMICS • objective

The demand function for a good is given by P = 100 - 2Q, where P is price and Q is quantity demanded. If the supply function is given by P = 2Q + 10, calculate the equilibrium price and quantity.

Answer Options

A. P^* = 20, Q^* = 5

Correct Answer B. P^* = 25, Q^* = 7.5

C. P^* = 30, Q^* = 10

D. P^* = 35, Q^* = 12.5

Correct Answer

Correct Option:

P^* = 25, Q^* = 7.5

About This Question

This is Post Utme Wellspring University 2018 Economics Question 18. It is one of the objective questions from the 2018 Post Utme Wellspring University Economics examination.

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