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WAEC Economics 1998 Question 5

Question 5

Theory of Supply

At what price will a trader be ready to sell 6 oranges using the equation below: p = ½q + 2. Where p is price and q is quantity?

  1. A.N3.00
  2. B.N4.00
  3. C.N5.00
  4. D.N6.00
  5. E.N8.00
Show the answer and explanation

Answer: C (N5.00)

Explanation

p = ½ × 6 + 2 = 3 + 2 = N5.00.