Test Index

WAEC Economics 2016 Paper

Question : 9

Total: 50

\; \frac{1}{3}

Solution:

Concept:

To find the quantity demanded at a specific price, substitute that price into the given demand function.

Explanation:

The weekly demand function for men's hats is:

\mathrm{Q_d} = 20 - \frac{1}{3}P

Here,

P

is the price in dollars.

When the price is

\$9.00

, we substitute

P = 9

\mathrm{Q_d} = 20 - \frac{1}{3}(9)

Now simplify the multiplication:

\frac{1}{3} \times 9 = 3

So:

\mathrm{Q_d} = 20 - 3 = 17

Thus, 17 hats are demanded per week at the given price.

Answer:

B. 17

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