Gce Model Questions Vol1 2023 Economics Question 30
Practice objective / multiple choice question 30 from the 2023 Gce Model Questions Vol1 Economics examination.
The market for a product is described by the linear demand equation \(Q_d = 500 - 5P\) and the linear supply equation \(Q_s = 100 + 3P\), where \(P\) is the price (in pounds) and \(Q\) the quantity.\n\n(a) Find the equilibrium price and quantity.\n(b) Calculate the consumer surplus at equilibrium. Give your answer in pounds.
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This is Gce Model Questions Vol1 2023 Economics Question 30. It is one of the objective questions from the 2023 Gce Model Questions Vol1 Economics examination.
Difficulty level: Easy .
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