Economics Past Questions

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2991

The above diagram showing the maximum possible combination of commodities X and Y produced in Nigeria is called the

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2992

How many units of good X is produced for 8 units of commodity Y?

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2993

\(\begin{array}{c|c}
\text{Price N} & \text{Quantity sold} \\
5 & 15 \\
5 & 16 \\
5 & 17 \\
5 & 18 \\
\end{array}\)

Marginal revenue is

View Answer & Discuss (1) JAMB 1994

2994

Cross elasticity of demand can be mathematically expressed as the

A. \(\frac{\text{% change in quantity of commodity X}}{\text{% change in quantity of commodity Y}}\)
B. \(\frac{\text{% change in quantity demanded}}{\text{% change in price}}\)
C. \(\frac{\text{% change in quantity demanded of commodity X}}{\text{% change in price of commodity Y}}\)
D. \(\frac{\text{% change in quantity demanded}}{\text{% change in income}}\)

View Answer & Discuss JAMB 1994

2995

Given that TC = TFC + TVC and TR = AR x Q, profit is equal to

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