Which of the following is not a problem facing Economic Community of West African States (ECOWAS)?

a. The equilibrium position of a firm is illustrated in the diagram above. Study the diagram and answer the questions that follows:
i. equilibrium output level

ii. equilibrium price

b. At equilibrium output level, calculate the firm's

i. total cost

ii. total revenue

iii. total profit

c. At equilibrium output level, calculate the firm's
Is the firm operating is the long-run or short-run? Explain your answer.

d. At equilibrium output level, calculate the firm's

i. What type of market is the firm operating in?

ii. List three features of the market type identified in d(i)

a.

i. Table 1 below represents the output levels of a firm producing hand sanitizer. Use the information to answer the questions that follow.

Table 1

If the cost function of the firm is given as C = 30 + 4q, where C is the total cost and q is the units produced, calculate the:

total cost in dollars of producing:

18 units

ii. Table 1 below represents the output levels of a firm producing hand sanitizer. Use the information to answer the questions that follow.

Table 1

If the cost function of the firm is given as C = 30 + 4q, where C is the total cost and q is the units produced, calculate the:

total cost in dollars of producing:
36 units

b. 

i. Average costs in dollars of producing:
28 units

ii. Average costs in dollars of producing:
45 units

c. What is the marginal cost in dollars of producing 28 units?

d. Determine the profit made from producing 45 units when the market price is fixed at $5.00 per unit.

e. Determine the fixed cost of the firm. Explain your answer.

a.

i. Distinguish between:
money cost and opportunity cost

ii. Distinguish between:
normal good and inferior goods

b. 

i. Explain how the scale of preference assists the following economic groups in making efficient allocation of their resources:

individuals

ii. Explain how the scale of preference assists the following economic groups in making efficient allocation of their resources:
firms

iii. Explain how the scale of preference assists the following economic groups in making efficient allocation of their resources:
government

a. Define economic system

b. Distinguish between a capitalist economy and a socialist economy under the following:

i. aim of production

ii. consumer sovereignty

iii. competition

c. State three features of land as a factor of production