Neco Model Questions Vol1 2023 Economics Question 48
Practice objective / multiple choice question 48 from the 2023 Neco Model Questions Vol1 Economics examination.
Country X exports coffee and imports wheat. The domestic export supply of coffee is \( P = 0.5Q + 1 \) (where \( P \) is the export price in dollars per kg and \( Q \) is the quantity exported in thousand tonnes). The world price of coffee rises from $2 to $3 per kg. The country's import demand for wheat is \( P = 120 - 0.1Q \) (where \( P \) is the wheat price in dollars per tonne and \( Q \) is the quantity imported in thousand tonnes). Assuming the country maintains a balanced trade (value of exports = value of imports), calculate the quantity of wheat imported after the coffee price increase (in thousand tonnes, rounded to one decimal place).
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About This Question
This is Neco Model Questions Vol1 2023 Economics Question 48. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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