JAMB - Economics (2014 - No. 7)
Given the supply function P = \(\frac{1}{4}\)(Qs+10) when P = N10, what is Qs?
20
1.5
5.0
30
Explication
P = \(\frac{1}{4}\)(Qs+10) when P = N10, what is Qs?
P = \(\frac{1}{4}\)Qs = 10
cross multiply
Qs = \(\frac{1}{4} \times \frac{10}{1}\) = 40
When p = 10
Qs = 40 - 10 = 30