(a) Define the profit of a firm [4 marks]
(b) With appropriate formula, explain the following revenue and cost concepts:
(i) total revenue (TR); [4 marks]
(ii) average revenue (AR): [4 marks]
(iii) marginal revenue (MR); [4 marks]
(iv) average fixed cost (AFC). [4 marks]
Explain the following systems of agriculture as practiced in your country:
(a) subsistence farming; [4 marks]
(b) co-operative agriculture; [4 marks]
(c) plantation agriculture; [4 marks]
(d) mechanized agriculture; [4 marks]
(e) peasant farming. [4 marks]
(a) Distinguish between a cheque and a bank note [8 marks]
(b) What are the main problems of trade by barter? [12 marks]
(a) What is public recurrent expenditure? [5 marks]
(b) Give five reasons for the rapid increase in government expenditure in your country. [15 marks]
| Oranges | Total Utility | Mangoes | Total Utility |
| 1 | 100 | 1 | 50 |
| 2 | 190 | 2 | 95 |
| 3 | 270 | 3 | 135 |
| 4 | 340 | 4 | 170 |
| 5 | 400 | 5 | 200 |
| 6 | 450 | 6 | 225 |
| 7 | 490 | 7 | 245 |
| 8 | 520 | 8 | 260 |
The table above shows Mr. Y's schedule of total utility for oranges and mangoes. The prices of oranges and mangoes are at $1.00 each. Mr. Y has $10 00 to spend on the goods.
Use the information contained in thetable to answer the questions that follow
(a) Calculate the marginal utility for all the levels of consumption for the goods.
(b) At equilibrium, how many (i) oranges (ii) mangoes, will the consumer buy?
(c) (i)State the law of diminishing marginal utility. (ii) State the marginal condition for utility maximization.
