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Given two substitute goods (X and Y) with demand and supply function; Qd = 7p...

Economics
JAMB 2019

Given two substitute goods (X and Y) with demand and supply function;
Qd = 7p - 12
Qs = 4p + 9
Find the magnitude of excess demand when p = ₦18

  • A. 303
  • B. 30
  • C. 114
  • D. 33
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Correct Answer: Option D
Explanation

To find quantity demanded when p = ₦18
Qd = 7p - 12
7(18) - 12
126 - 12
Qd = 114units
To find quantity supplies at ₦18
Qs = 4p + 9
4(18) + 9
Qs = 72 + 9
Qs = 81 units
To find the magnitude of excess demand
Excess demand = 114 - 81 = 33 units

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