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WAEC Economics 2021 Question 16

Question 16

Theory of Supply

The supply of mangoes is represented as P = 0.3Q, where P is the price ($) and Q is the quantity. What is P when Q is 50?

  1. A.$1.50
  2. B.$15.00
  3. C.$150.03
  4. D.$166.67
Show the answer and explanation

Answer: B ($15.00)

Explanation

P = 0.3 × 50 = $15.