The demand and supply function of a commodity are given as follows:
Quantity demanded (Qd) = 20 - 2p
Quantity supplied (Qs) = 6P - 12 where P = price in naira
(a) Determine the equilibrium price and quantity bought and sold at that price.
(b) If the price of the commodity is fixed at N60.00, what is the magnitude of the excess supply?
What is devaluation? Under what conditions will devaluation improve a country's balance of payment position ?
Briefly outline the measures which Nigeria has taken to improve the marketing of her agricultural produce.
(a) What is a development plan ?
(b) Discuss the various ways of financing economic development in Nigeria.
