POST UTME KSU 2023 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
Consider a firm operating in a perfectly competitive market with a demand curve given by Qd = 100 - 2P and a supply curve given by Qs = 2P - 10. If the firm's marginal \cost (MC) is 5, what is the profit-maximizing price and quantity?
Question 2
A firm is producing a good u\sing a production function with increa\sing returns to scale. If the firm increases its input of labor by 10%, what is the percentage change in output?
Question 3
A firm's demand function is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's current price is 20, calculate the firm's elasticity of demand.
Question 4
A firm's total revenue is given by \( TR = 100Q - 2Q^2 \), and its total \cost is given by \( TC = 50Q + 10Q^2 \). What is the profit-maximizing quantity?
Question 5
A consumer's indifference curve is given by U(x, y) = 2x + 3y, where x and y are the quantities of two goods consumed. If the consumer's income is ₦1000 and the prices of the two goods are ₦2 and ₦3 respectively, what is the consumer's optimal bundle of goods?
Question 6
Consider a perfectly competitive market with multiple firms producing a homogeneous product. If the market price is $P = 10, and the inverse demand function is given by \( P = 100 - Q \), where ( Q ) is the total quantity demanded, what is the equilibrium quantity?
Question 7
A government is considering a tax on a particular good. The supply curve of the good is given by Qs = 2P - 10, and the demand curve is given by Qd = 100 - 2P. If the government imposes a tax of 5 on the good, what is the new equilibrium price and quantity?
Question 8
A country's balance of payments (BOP) is given by the following equation: BOP = \( X - M \) + \( F - I \). If the country's exports (X) are 100, imports (M) are 80, foreign direct investment (F) is 20, and domestic investment (I) is 30, what is the BOP?
Question 9
A country's money supply is given by the equation M = 1000 + 0.5Y, where M is the money supply and Y is the income. If the country's income is 100 billion naira, calculate the country's money supply.
Question 10
A consumer's utility function is given by U(x, y) = 2x + 3y, where x and y are the quantities of two goods consumed. If the consumer's income is ₦1000 and the prices of the two goods are ₦2 and ₦3 respectively, what is the consumer's optimal bundle of goods?
Question 11
The production function for a firm is given by Q = 2L^0.5K^0.5, where Q is the output, L is the labor, and K is the capital. If the firm wants to increase its output by 25% while keeping the capital cons\tant at 9 units, what percentage increase in labor is required?
Question 12
The supply function for a good is given by Q = 2P - 50, where Q is the quantity supplied and P is the price. If the price is increased by 15%, what is the new quantity supplied?
Question 13
Consider a firm operating in a perfectly competitive market with a production function given by Q = 2L^0.5K^0.5. If the firm's current input prices are w = 10 and r = 20, and the firm's current output price is p = 50, calculate the firm's total revenue and marginal revenue.
Question 14
The demand function for a good is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the price is increased by 20%, what is the new quantity demanded?
Question 15
A firm is producing a good u\sing the production function Q = 3L^0.7K^0.3. If the firm wants to increase its output by 20% while keeping the capital cons\tant at 16 units, what percentage increase in labor is required?
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