Question 58
Basic Agricultural EconomicsThe table below shows the supply schedule for soyabean by three producers.
Price per kg (₦) / Adamu (kg) / Koffi (kg) / Koroma (kg):
5,000.00: 37,500.00; 22,500.00; 17,500.00
4,000.00: 35,000.00; 20,000.00; 15,000.00
3,000.00: 30,000.00; 15,000.00; 10,000.00
2,000.00: 20,000.00; 10,000.00; 5,000.00
1,000.00: 5,000.00; 2,000.00; 1,000.00
Determine the market supply when the price is ₦4,000.00
- A.77,000kg.
- B.70,000kg.
- C.55,000kg.
- D.35,000kg.
Show the answer and explanation
Answer: B (70,000kg.)
Explanation
Market supply = 35,000 + 20,000 + 15,000 = 70,000 kg.