Description
100 Level Department of Arts and Social Sciences exam questions and detailed answers. Download the answers in document format. Correct, detailed, and straightforward answers.
Questions:
- Supposing you are given demand and supply functions as:
Qd = 40 – 6p
Qs = 10 + 4p
(i) Determine equilibrium price and quantity when prices are: ₦2, ₦3, ₦4, ₦5, and ₦6.
(ii) Use the answer in (i) above to prepare a demand and supply schedule.
(iii) Use the schedule to draw demand and supply curves, and indicate the point of equilibrium.
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