Gce Model Questions Vol1 2025 Economics Question 2

Practice essay / theory question 2 from the 2025 Gce Model Questions Vol1 Economics examination. This question covers Demand and Supply .

Gce Model Questions Vol1 2025 Economics Essay / Theory
Topic: Demand and Supply
Question 2 GCE_MODEL_QUESTIONS_VOL1 • 2025 • ECONOMICS • essay

The table below shows the market for wheat in Nigeria at three different price levels. | Price (₦ per kg) | Quantity Demanded (tons) | Quantity Supplied (tons) | |------------------|--------------------------|--------------------------| | 200 | 120 | 80 | | 250 | 90 | 110 | | 300 | 60 | 140 | Assume that demand and supply are linear between the given points.

Question Parts

( a )
From the table, identify the equilibrium price and quantity.
( b )
Calculate the price elasticity of demand between the price points ₦200 and ₦250 using the midpoint method, and interpret the result.

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About This Question

This is Gce Model Questions Vol1 2025 Economics Question 2. It is one of the essay questions from the 2025 Gce Model Questions Vol1 Economics examination.

The question covers Demand and Supply .

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