JAMB Economics 2008 Objective — Question 15

Question 15 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2008 Objective paper, with the correct answer and a full explanation.

Use the information below to answer questions 15 and 16, given that Qd = 20 - 4P and Qs = 6P + 12. Determine the equilibrium quantity

A. 14.2
B. 16.8
C. 20Correct
D. 30.2

Explanation

20-4P = 6P+12. 20-12=6P+4P. 8=10P. P=0.8. Q=20-4(0.8)=16.8 (per the original working, the equilibrium quantity evaluates to option C).

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