Neco 2022 Economics Question 27
Practice objective / multiple choice question 27 from the 2022 Neco Economics examination.
In the wheat market the demand function is \\(Q_d = 500 - 5P\\) and the supply function is \\(Q_s = 3P - 30\\), where \\(P\\) is the price in Naira per kilogram and quantities are in kilograms. The government imposes a price floor of 80 Naira per kilogram. Determine whether a surplus or shortage results and calculate its magnitude.
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About This Question
This is Neco 2022 Economics Question 27. It is one of the objective questions from the 2022 Neco Economics examination.
Difficulty level: Easy .
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