The Theory of Supply - Jamb Economics Past Questions and Answers

Question 16:

• JAMB 2015

Given that the prices and quantities supplied in litres of petrol is expressed as Qs = 25 + 0 25P.Qs is the quantity supplied and P is price. Determine the quantity supplied when price per litre is N30

A. 50litres
B. 32.5litres
C. 30litres
D. 35litres

Question 17:

• JAMB 2015

If the quantity supplied of a commodity increases from 20 to 30 units when there is an increase in price from N4 to N5, the elasticity of supply is

A. 4
B. 1
C. 2
D. 5

Question 18:

• JAMB 2015

All the following are factors that would bring about a change in supply except

A. Level of technology
B. Government policy
C. Entry of new firms
D. Price of the commodity

Question 19:

• JAMB 2014

From the table above, Calculate the price elasticity of supply

A. 0.50
B. 0.80
C. 2.00
D. 1.25

Question 20:

• JAMB 2014

Given the supply function P = 1/4(Qs+10) when P = N10, what is Qs?

A. 20
B. 15
C. 50
D. 30