Given the supply function P = 14\frac{1}{4}(Qs+10) when P = N10, what is Qs?

  • A 20
  • B 1.5
  • C 5.0
  • D 30
jamb 2014economics

The correct answer is D. 30

P = 14\frac{1}{4}(Qs+10) when P = N10, what is Qs?

P = 14\frac{1}{4}Qs = 10

cross multiply

Qs = 14×101\frac{1}{4} \times \frac{10}{1} = 40

When p = 10

Qs = 40 - 10 = 30

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