In order to stabilize oil price in the world market, there is the need for OPEC members to
Which of the following is not a member of the Economic Community of West African State (ECOWAS)?
Which of the following is not an international economic organization?
The table below represents a travellers's consumption of bottles of Coca-Cola. Study the table carefully and answer the questions that follow.
| No. of Bottles | Total Utility | Marginal Utility |
| 1 | 15 | 15 |
| 2 | 29 | F |
| 3 | 42 | 13 |
| 4 | D | 12 |
| 5 | 65 | G |
| 6 | 75 | H |
| 7 | E | 0 |
(a) Complete the missing figures D, E, F, G and H (5 marks)
(b) Draw the demand curve for the traveler's consumption of Coca-Cola. (The use of a graph sheet is essential) [10 marks]
(c) Explain the law of diminishing marginal utility as the basis for the slope of the traveler's demand curve. [5 marks]
The table below represents the cost function of a poultry farm. The price of a crate of egg is $21. Use the information contained in the table to answer the questions that follow.
| Quantity of eggs (in crates) | Total cost (in $) |
| 0 | 50 |
| 1 | 55 |
| 2 | 62 |
| 3 | 75 |
| 4 | 96 |
| 5 | 125 |
| 6 | 162 |
| 7 | 203 |
| 8 | 248 |
(a) What Is the fixed cost of the farm? (2 marks]
(b)(i) Calculate the marginal cost at each level of output. [9 marks]
(ii) What is the profit maximizing output of the farm? [3 marks]
(c) Draw the demand curve for the farm. [6 marks].
