Economics 1995 JAMB Past Questions

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In order to maximize his profit, a businessman who faces a very elastic demand for his product is advised to?

A. slightly increase the price of his product
B. slightly reduce the price of his products
C. leaves his price unchanged
D. discriminate his prices

View Answer & Discuss (2) JAMB 1995

What is the elasticity of demand for commodity X, if at a price of N25 the quantity demanded is 80 and when the price is reduced to N20 the quantity demanded is 100?

A. 1.25
B. 1.45
C. 0.25
D. 0.15

View Answer & Discuss JAMB 1995

If y represents the income earned by workers in a factory, find the range of their income which satisfies the following inequality: 4Y - 300 > 500.

A. y > 300
B. y > 250
C. y > 200
D. y > 150

View Answer & Discuss (1) JAMB 1995

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Both in the short run and in the long run, a firm maximizes its profits when?

A. MC = MR
B. AC = MC
C. AVC = AC
D. MC = AVC

View Answer & Discuss JAMB 1995

Stocking small quantities of a variety of goods is a function of the?

A. manufacturer
B. wholesaler
C. retailer
D. consumer

View Answer & Discuss JAMB 1995

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Economics 1995 JAMB Past Questions

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