The supply of rice in tons is given by the equation:
The supply of rice in tons is given by the equation:
Qs -80 - 0.7 = 0.
Where Qs = Quantity supplied
P = price in naira.
Find Qs, when P = N40
108tons
52tons
-52tons
-108tons
Correct answer is A
Qs = - 80 - 0.7p
(minus x minus = +)
Qs = 80 + 0.7(40)
Qs= 80 + 28
Qs= 108
Income elasticity of demand is measurement of the responsiveness of ...
Which of the following is a legal tender? ...
Limited liability means that ...
Demand for a commodity by a consumer is the quantity of that commodity that the consumer ...
If a commodity has many substitutes, it is most likely that? ...
Factory buildings, machinery and raw materials are known in Economics as ...
A firm operating at full capacity will experience rising short-run total costs when ...