JAMB Economics 2022 Objective — Question 30

Question 30 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2022 Objective paper, with the correct answer and a full explanation.

30. Given that Qd=50−(1/5)P and Qs=5+1.4P, the equilibrium price is

A. (A) 28⅛Correct
B. (B) 28¼
C. (C) 25¼
D. (D) 25⅛

Explanation

At equilibrium, Qd=Qs: 50−P/5 = 5+1.4P. Solving: 1.4P + P/5 = 45, giving (8/5)P = 45, so P = 45×5/8 = 28⅛.

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