Neco 2020 Economics Question 50

Practice objective / multiple choice question 50 from the 2020 Neco Economics examination.

Neco 2020 Economics Objective / Multiple Choice Easy Difficulty
Question 50 NECO • 2020 • ECONOMICS • objective

The market for a product is described by the linear demand equation \( P = 120 - 0.5Q \) and the linear supply equation \( P = 20 + 0.2Q \). Determine the equilibrium price and quantity. Give the price to two decimal places and the quantity to the nearest whole unit.

Answer Options

Correct Answer A. Price = 48.57, Quantity = 143
B. Price = 47.14, Quantity = 150
C. Price = 50.00, Quantity = 140
D. Price = 48.57, Quantity = 150
Correct Answer
A
Correct Option:
Price = 48.57, Quantity = 143

About This Question

This is Neco 2020 Economics Question 50. It is one of the objective questions from the 2020 Neco Economics examination.

Difficulty level: Easy .

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