Neco Model Questions Vol1 2024 Economics Question 4
Practice objective / multiple choice question 4 from the 2024 Neco Model Questions Vol1 Economics examination.
The market for a good is described by the demand equation \(P = 200 - 5Q\) and the supply equation \(P = 20 + 3Q\), where \(P\) is price in naira and \(Q\) is quantity. The government imposes a specific tax of ₦30 per unit on sellers. Find the new equilibrium quantity and the price paid by buyers after the tax.
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This is Neco Model Questions Vol1 2024 Economics Question 4. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Economics examination.
Difficulty level: Easy .
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