Briefly outline the principles of taxation and give reasons why Nigerians are taxed.
What is the mode and when is it a suitable average to use? State its disadvantages.
Given that quantity demanded per period of time is a function of price and that the relation is expressed as: Q = 60 - 1/3 P, where Q is quantity demanded and P is the price,
(a) Find the quantity demanded when price is :
(i) N30.00;
(ii) N210.00;
(iii) NO.00.
(b) comment on (a) (ii) above.
(c) suppose the relation is now expressed as P = N (180 - 3Q); find P when:
(i) Q = 0;
(ii) Q = 60;
(iii) Q = 59.
The table below shows the age distribution of hypothetical population.
| Age | No. of people (million) |
| Under 20 | 20.90 |
| 20 - 29 | 13.75 |
| 30 - 59 | 12.10 |
| 60 and above | 8/25 |
| Total | 55.00 |
Present this information in the form of a pie chart. Show your workings clearly.
