WAEC Economics 2017 Theory — Question 4
Question 4 of 23 from the West African Examinations Council (WAEC) Economics 2017 Theory paper, with the correct answer and a full explanation.
Advertisement
2(a) The market for apples is represented by the following demand and supply functions: Qd=30-p, Qs=15+2p. Prepare a demand and supply schedule for the market, given the prices $2.00, $4.00 and $7.00
Model answer
Demand schedule: at Price=2, Qd=30-2=28; Price=4, Qd=30-4=26; Price=7, Qd=30-7=23. Supply schedule: at Price=2, Qs=15+2(2)=19; Price=4, Qs=15+2(4)=23; Price=7, Qs=15+2(7)=29.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.