Question
At the price of K5.00, demand is 40 million and supply is 40 million (equilibrium).
Calculate the total expenditure of the households at the equilibrium price.
Calculate the total expenditure of the households at the equilibrium price.
Answers
GPT 3.5
Total expenditure = Price x Quantity
Total expenditure = K5.00 x 40 million
Total expenditure = K200 million
Therefore, the total expenditure of the households at the equilibrium price is K200 million.
Total expenditure = K5.00 x 40 million
Total expenditure = K200 million
Therefore, the total expenditure of the households at the equilibrium price is K200 million.