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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
NECO offline past questions - All questions, answers & explanations in one app 25712
4651

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

 

Output     (units)  0  10  18  28  36  45


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

 

Output     (units)  0  10  18  28  36  45


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.

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4652

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

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4653

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

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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NECO offline past questions - All questions, answers & explanations in one app 25712
4654

a. Differentiate between a sole proprietorship and a partnership

b. List four characteristics of a sole proprietorship

c. Outline four advantages of a public limited liability company.

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4655

a. Define location of industry

b. Explain how the following factors influence where a firm is sited:

i. raw materials

ii. market

iii. government policy

c. Outline three advantages of localization of industry

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