Question on: JAMB Economics - 2023
If the supply curve of labour market is given as S = 4L + 8. What is L when s = 20?
A
2
B
4
C
5
D
3
Ask EduPadi AI for a detailed answer
Correct Option: D
To find the value of L when S = 20, you substitute S = 20 into the equation S = 4L + 8:
\[20 = 4L + 8\]
Subtract 8 from both sides:
\[12 = 4L\]
Divide both sides by 4:
\[L = 3\]
Therefore, the correct answer is 3.
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