Economics
JAMB 2014
Given the supply function P = \(\frac{1}{4}\)(Qs+10) when P = N10, what is Qs?
-
A.
20
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B.
1.5
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C.
5.0
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D.
30
Correct Answer: Option D
Explanation
P = \(\frac{1}{4}\)(Qs+10) when P = N10, what is Qs?
P = \(\frac{1}{4}\)Qs = 10
cross multiply
Qs = \(\frac{1}{4} \times \frac{10}{1}\) = 40
When p = 10
Qs = 40 - 10 = 30
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