POST UTME BOWEN UNIVERSITY 2019 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
Determine the elasticity of demand for a product whose price elasticity of demand is 0.5 and the quantity demanded is 100 units when the price is ₦100.
Question 2
A firm's \cost function is given by C(x) = 2x^2 + 10x + 5, where x is the number of units produced. If the firm's revenue function is R(x) = 4x^2 + 10x + 5, find the value of x that minimizes the firm's \cost.
Question 3
A firm is considering two production techno\logies: one that produces 100 units of output per hour and another that produces 200 units of output per hour. The \cost of the first techno\logy is ₦500 per hour, and the \cost of the second techno\logy is ₦750 per hour. Find the firm's optimal production techno\logy.
Question 4
A country is experiencing a trade deficit due to an increase in imports and a decrease in exports. U\sing the concept of balance of payments, explain why the country is experiencing a trade deficit.
Question 5
Consider a market with a demand function Qd = 100 - 2P and a supply function Qs = 2P + 10. If the market is in equilibrium, what is the price and quantity of the commodity?
Question 6
Suppose a firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \), where Q is output, L is labor, and K is capital. If the firm's current labor and capital inputs are L = 16 and K = 9, respectively, what is the marginal product of labor (MPL) when the firm is producing at the given input levels?
Question 7
A firm's total revenue (TR) is given by the equation TR = 100Q - 2Q^2, where Q is the quantity sold. If the firm sells 20 units, what is its total revenue?
Question 8
The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price elasticity of demand is 0.5, what is the percentage change in quantity demanded when the price increases by 10%?
Question 9
A firm has a \cost function given by C = 2Q + 3Q^2, where Q is the quantity produced. If the firm produces 5 units, what is the total \cost?
Question 10
A firm's production function is given by Q = 2L^0.5H^0.5, where Q is output, L is labor, and H is capital. If the firm's current labor and capital inputs are L = 4 and H = 9, respectively, what is the marginal product of labor?
Question 11
A firm is operating in a perfectly competitive market. The firm's demand curve is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The firm's supply curve is given by the equation Qs = 2P - 10, where Qs is the quantity supplied and P is the price. U\sing the concept of supply and demand, explain why the firm is operating in a perfectly competitive market.
Question 12
A monopolist faces a demand curve given by Q = 100 - 2P. The marginal revenue function is MR = 50 - 2Q. Find the profit-maximizing quantity.
Question 13
Suppose a country's GDP at market price is $100 billion, and its GDP at factor \cost is $90 billion. What is the net indirect tax (NIT) as a percentage of GDP?
Question 14
Consider a production function Q = 3L^0.5K^0.5. If the firm's current input prices are w = ₦100 and r = ₦200, and the firm's current output price is p = ₦500, calculate the firm's maximum profit.
Question 15
A firm's revenue function is given by R(x) = 4x^2 + 10x + 5, where x is the number of units produced. If the firm's marginal revenue function is MR(x) = 8x + 10, find the value of x that maximizes the firm's revenue.
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows