Neco 2017 Agricultural Science Question 45
Practice objective / multiple choice question 45 from the 2017 Neco Agricultural Science examination.
The market for wheat is described by the linear demand function \(Q_d = 500 - 2P\) and supply function \(Q_s = 3P - 150\), where \(Q\) is quantity in thousand tonnes and \(P\) is price in naira per kilogram. The government imposes a specific tax of ₦30 per kilogram on wheat sold to consumers. (a) Find the new equilibrium price received by producers, the price paid by consumers, and the equilibrium quantity (in thousand tonnes). (b) Calculate the loss in consumer surplus caused by the tax, expressing your answer in thousand naira.
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About This Question
This is Neco 2017 Agricultural Science Question 45. It is one of the objective questions from the 2017 Neco Agricultural Science examination.
Difficulty level: Hard .
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