Neco 2024 Economics Question 8

Practice objective / multiple choice question 8 from the 2024 Neco Economics examination.

Neco 2024 Economics Objective / Multiple Choice Medium Difficulty

Question 8 NECO • 2024 • ECONOMICS • objective

In the wheat market the demand function is \(Q_d = 1200 - 2P\) and the supply function is \(Q_s = 3P - 300\), where \(P\) is the price per unit in naira. The government imposes a specific tax of ₦50 per unit on producers. Determine (a) the price paid by consumers, (b) the price received by producers, (c) the quantity traded after the tax, and (d) the proportion of the tax burden borne by consumers and by producers.

A. Consumers 40%, producers 60%

B. Consumers 50%, producers 50%

Correct Answer C. Consumers 60%, producers 40%

D. Consumers 70%, producers 30%

Correct Answer

Correct Option:

Consumers 60%, producers 40%

This is Neco 2024 Economics Question 8. It is one of the objective questions from the 2024 Neco Economics examination.

Difficulty level: Medium .

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