Cost schedule of a firm
| Output | Total Fixed cost TFC(N) | Total Variable Cost TVC (N) | Total Cost TC (N) | Average Variable AVC(N) | Average Total ATC (N) | Marginal Cost MC(N) |
| 0 | 100 | 0 | 100 | 0 | 100 | - |
| 1 | 100 | 40 | 140 | - | - | - |
| 2 | 100 | 64 | 164 | - | - | - |
| 3 | 100 | 80 | 180 | - | - | - |
| 4 | 100 | 88 | 188 | - | - | - |
| 5 | 100 | 96 | 196 | - | - | - |
From the cost schedule in this table calculate the Average Variable Cost (AVC), Average Total Cost (ATC) and Marginal Cost (MC) of the firm. Show your working clearly.
The values of different types of accounts held in Nigerian banks for the period 1984 to 1988
| Year | 1984 | 1985 | 1986 | 1987 | 1988 |
| Savings | 100 | 120 | 120 | 180 | 200 |
| Current | 65 | 75 | 70 | 100 | 130 |
| Fixed deposit | 40 | 45 | 60 | 145 | 50 |
Present the data above in the form of a component bar chart.
(a) Define price elasticity.
(b) If at N 8.00 per tuber, twenty tubers were demanded and when the price fell to N 6. 00 per tuber, thirty tubers were demanded, what is the elasticity of the demand?
