Economics 1994 JAMB Past Questions

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What is the equilibrium quantity?

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Above the equilibrium point, a further rise in price tends to

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Elasticity of demand is an effective tool in the hand of a producer in that it enables him

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\(\begin{array}{c|c}
\text{Price N} & \text{Quantity sold} \\
5 & 15 \\
5 & 16 \\
5 & 17 \\
5 & 18 \\
\end{array}\)

Marginal revenue is

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Cross elasticity of demand can be mathematically expressed as the

A. \(\frac{\text{% change in quantity of commodity X}}{\text{% change in quantity of commodity Y}}\)
B. \(\frac{\text{% change in quantity demanded}}{\text{% change in price}}\)
C. \(\frac{\text{% change in quantity demanded of commodity X}}{\text{% change in price of commodity Y}}\)
D. \(\frac{\text{% change in quantity demanded}}{\text{% change in income}}\)

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