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WAEC Economics 2013 Paper

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Question : 40

Total: 46

Given that Qd = 80 - 2p where Qd is quantity demanded and P is the price, what quantity would be demanded when the price (P) is \$3?

86 units
80 units
76 units
74 units

Solution:

Concept:

Substitute the given price into the demand function to find the quantity demanded.

Explanation:

The demand equation is

Q_d = 80 - 2p

.

Given price is

p = 3

dollars.

Putting this value into the equation gives:

Q_d = 80 - 2(3)

Q_d = 80 - 6

Q_d = 74

units.

Answer:

D. 74 units.

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