WAEC Economics 2017 Theory — Question 5

Question 5 of 23 from the West African Examinations Council (WAEC) Economics 2017 Theory paper, with the correct answer and a full explanation.

2(b)(i) Determine the equilibrium price and equilibrium quantity of apples in the market.

Model answer

Equilibrium price is achieved at Qd=Qs: 30-P=15+2P → 3P=15 → P=$5. Qd=30-P=30-5=25 units (Qs=15+2(5)=25 units also, confirming). ∴ Equilibrium price is $5 while equilibrium quantity is 25 units.

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