Given that Qd = 40-2P and Qs = 6P+24. Calculate the equilibrium price.
Take Free Practice Test On 2026 JAMB UTME, Post UTME, WAEC SSCE, GCE, NECO SSCE
Correct Answer: Option B
Explanation:
Equilibrium price = quantity demanded = quantity supplied
Equilibrium price = Qd = 40-2P = 6P+24 = Qs
40 - 2p + 2p = 6p+ 24 + 2p
40 = 6p + 26
40 = 32p
Equilibrium price = quantity demanded = quantity supplied
Equilibrium price = Qd = 40-2P = 6P+24 = Qs
40 - 2p + 2p = 6p+ 24 + 2p
40 = 6p + 26
40 = 32p