Neco Model Questions Vol1 2021 Economics Question 1

Practice objective / multiple choice question 1 from the 2021 Neco Model Questions Vol1 Economics examination.

Neco Model Questions Vol1 2021 Economics Objective / Multiple Choice Easy Difficulty
Question 1 NECO_MODEL_QUESTIONS_VOL1 • 2021 • ECONOMICS • objective

The market for wheat is described by the demand equation ( Q_d = 500 - 5P \) and the supply equation ( Q_s = 2P - 20 \), where \( Q \) is quantity in thousand tonnes and \( P \) is price per tonne in naira. Determine the equilibrium price and quantity.

Answer Options

A. Price = 13.00 naira; Quantity = 425.00 thousand tonnes
Correct Answer B. Price = 11.43 naira; Quantity = 442.86 thousand tonnes
C. Price = 12.50 naira; Quantity = 437.50 thousand tonnes
D. Price = 10.00 naira; Quantity = 450.00 thousand tonnes
Correct Answer
B
Correct Option:
Price = 11.43 naira; Quantity = 442.86 thousand tonnes

About This Question

This is Neco Model Questions Vol1 2021 Economics Question 1. It is one of the objective questions from the 2021 Neco Model Questions Vol1 Economics examination.

Difficulty level: Easy .

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