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ECONOMICS

JAMB 2016 - Question 34

Economics 2016 JAMB Past Questions - Question 34: Given Qd = 30 - 3P and Qs = 9P -15, determine the equilibrum price

Choose the most appropriate option for the gap .

Given Qd = 30 - 3P and Qs = 9P -15, determine the equilibrum price

A: #12.00

B: #3.75

C: #2.80

D: #3.00

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Correct Answer

Explanation

Qd = 30 - 3p; Qs = 9p - 1530 +15 = 9p + 3p45 = 12pp = 45 /12 p = 3.75