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JAMB Economics 2014 Question 13

Question 13

Theory of Supply

Given the supply function p = ¼(Qs + 10) when P = ₦10, what is Qs?

  1. A.50
  2. B.30
  3. C.20
  4. D.15.
Show the answer and explanation

Answer: B (30)

Explanation

10 = ¼(Qs + 10), so Qs + 10 = 40 and Qs = 30.