WAEC Economics 2010 Theory — Question 2
Question 2 of 23 from the West African Examinations Council (WAEC) Economics 2010 Theory paper, with the correct answer and a full explanation.
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1(b) Draw the demand curve for the traveller's consumption of Coca-Cola. (The use of a graph sheet is essential) (10 marks)
Model answer
On the graph sheet, marginal utility (MU) is plotted on the vertical axis while the quantity (number of bottles) is plotted on the horizontal axis. Since price is constant, the average revenue, marginal revenue and price are all equal; the average revenue curve is the demand curve.
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