Question 2

Use the schedule to answer the follow-ing questions:

Price per annum Quantity  Demanded Quantity Supplied per week
5 500 60
6 400 150
7 300 300
8 250 400
9 150 500
10 50 600

(a) At what price and quantity does the market attain equilibrium and why?
(b) At what prices does the market exhibit excess demand and by how many units?
(c) At what prices does the market exhibit excess supply and by how many units?
(d) At what price will the supplier be willing to sell most? What quantity will he be willing to sell at that 
 

Theory

Question details

Exam body
WAEC
Subject
Economics
Year
1995
Question no.
#2
Type
Theory

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