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JAMB Economics 2013 Paper

Question : 1

Total: 49

If P =

\frac{1}{4}

(Qs + 10). What is the quantity supplied at N14?

Solution:

Concept:

The supply equation is solved by substituting the given price into the formula and rearranging to find quantity supplied.

Explanation:

Given

P = \frac{1}{4}(Q_s + 10)

and

P = 14

Substitute

14

for

P

14 = \frac{Q_s + 10}{4}

Multiply both sides by

4

56 = Q_s + 10

Subtract

10

from both sides:

Q_s = 56 - 10

Therefore,

Q_s = 46

Answer:

The quantity supplied at ₦14 is

46

, which is Option C.

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