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If the supply of petrol decreases, what will happen to demand and price?

Economics

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Answer

B

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7 steps

Here are the solutions to the questions:

Part 14

If the supply of petrol decreases, with demand remaining constant, the price of petrol will increase. This higher price will then lead to a decrease in the quantity of petrol demanded.

The correct option is B.

B. Demand decrease resulting in price increase\boxed{\text{B. Demand decrease resulting in price increase}}

Part 15· 2 steps

To find the total payable amount for Doris, we add her borrowed amount and the interest amount.

  1. Identify Doris's borrowed amount and interest amount from the table.

    Borrowed Amount (Doris) = K2000
    Interest Amount (Doris) = K360

  2. Calculate the total payable amount.

    Total Payable Amount=Borrowed Amount+Interest Amount\text{Total Payable Amount} = \text{Borrowed Amount} + \text{Interest Amount} Total Payable Amount=K2000+K360\text{Total Payable Amount} = \text{K}2000 + \text{K}360 Total Payable Amount=K2360\text{Total Payable Amount} = \text{K}2360

    The correct option is C.

    C. K2360\boxed{\text{C. K2360}}

Part 16· 2 steps

To find the interest amount Lucy requires to pay, we use her borrowed amount and the annual interest rate. We assume the interest is calculated for one year, consistent with Doris's data (K2000 at 18% for 1 year = K360 interest).

  1. Identify Lucy's borrowed amount and the annual interest rate.

    Borrowed Amount (Lucy) = K6000
    Annual Interest Rate = 18% or 0.18

  2. Calculate the interest amount.

    Interest Amount=Borrowed Amount×Annual Interest Rate\text{Interest Amount} = \text{Borrowed Amount} \times \text{Annual Interest Rate} Interest Amount=K6000×0.18\text{Interest Amount} = \text{K}6000 \times 0.18 Interest Amount=K1080\text{Interest Amount} = \text{K}1080

    The correct option is A.

    A. K1080\boxed{\text{A. K1080}}

Part 17· 3 steps

John, Andy, and Peter contributed K2500 in a partnership business in the ratio of 2:4:6. We need to find John's contribution.

  1. Calculate the total number of parts in the ratio.

    Total Parts=2+4+6=12\text{Total Parts} = 2 + 4 + 6 = 12

  2. Calculate the value of one part.

    Value of One Part=Total ContributionTotal Parts\text{Value of One Part} = \frac{\text{Total Contribution}}{\text{Total Parts}} Value of One Part=K250012\text{Value of One Part} = \frac{\text{K}2500}{12} Value of One Part≈K208.33\text{Value of One Part} \approx \text{K}208.33

  3. Calculate John's contribution (John's ratio is 2).

    John’s Contribution=John’s Ratio×Value of One Part\text{John's Contribution} = \text{John's Ratio} \times \text{Value of One Part} John’s Contribution=2×K250012\text{John's Contribution} = 2 \times \frac{\text{K}2500}{12} John’s Contribution=K500012\text{John's Contribution} = \frac{\text{K}5000}{12} John’s Contribution≈K416.67\text{John's Contribution} \approx \text{K}416.67

    Rounding to the nearest whole number or matching the closest option, K417 is the best fit.

    The correct option is A.

    A. K417\boxed{\text{A. K417}}
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