Test Index

WAEC Economics 2019 Paper

© africaexams.com

Question : 7

Total: 50

If the demand function is Qd = -0.5 + 20, calculate the quantity demanded when price is \$15.0

-%27.50
-%12.50
\$12.50
-\$27.50

Solution:

Concept:

The quantity demanded is calculated by substituting the given price into the linear demand function.

Explanation:

Take the demand function as

Q_d = -0.5P + 20

.

Given price,

P = \$15.0

.

Substitute

P = 15.0

into the function:

Q_d = -0.5(15.0) + 20

Q_d = -7.5 + 20

Q_d = \$12.50

Hence, when price is

\$15.0

, the quantity demanded is

\$12.50

.

Answer:

Option C:

\$12.50

© africaexams.com

Go to Question:

Prev Question

Next Question