Given that Q d = 20 - 4P and Qs = 6P + 12
...
Use the information below to answer this question.
Given that Q d = 20 - 4P and Qs = 6P + 12
If price is increased to N3, how much is the excess supply?
30
22
12
8
Correct answer is B
Given that Qd = 20 - 4P and Qs = 6P + 12
To solve for excess supply, we will have to substitute '3p'' into both sides of the equation. Hence we have;
Qd = 20 - 4(3) and Qs = 6(3) + 12
20 - 12 = 8
18 + 12 = 30
30 - 8 = 22
Import substitution aims at ...
The formular used by the Expenditure approach to calculate National income is ...
Foreign exchange rate in a free market economy is determined by ...
Which of the following is NOT among the financial institutions in Nigeria? ...
A consumer surplus measures the ...
Infant industries denote industries which ...
Public corporation in West Africa are set up to ...
Nigeria earns the major part of her foreign exchange from the export of? ...