WAEC Agricultural Science 2017 Question 48

Question 48

Basic Agricultural Economics

Use the table below.
Demand and Supply Schedules for Mangoes
Price of fruit (Le) — Supply (No. of baskets) — Demand (No. of baskets):
1,000.00 — 10 — 60
2,000.00 — 20 — 50
3,000.00 — 30 — 40
4,000.00 — 40 — 30
5,000.00 — 50 — 20
6,000.00 — 60 — 10
At a unit price of Le 1,000.00, what will be the excess demand over supply of mangoes?

  1. A.50 baskets
  2. B.40 baskets
  3. C.20 baskets
  4. D.10 baskets
Show the answer and explanation

Answer: A (50 baskets)

Explanation

At Le 1,000 demand is 60 and supply is 10, so excess demand = 50 baskets.