POST UTME LAUTECH 2019 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. Find the profit-maximizing quantity and price.
Question 2
A monopolist faces a demand curve given by \( P = 100 - 2Q \) and a \cost function given by \( C = 20 + 10Q \). Calculate the profit-maximizing quantity and price.
Question 3
Suppose the demand function for a commodity is given by Qd = 100 - 2P and the supply function is given by Qs = 2P + 10. If the market is in equilibrium, what is the price of the commodity?
Question 4
The government of Nigeria has set a target of increa\sing the country's industrial production by 15% within the next 3 years. If the current industrial production is ₦150 billion, what is the expected increase in production?
Question 5
The opportunity \cost of producing one more unit of a good is measured by the
Question 6
Calculate the value of the definite integral \( int_{0}^{2} \( 2x^2 + 3x - 4 \ \) dx ) u\sing the power rule of integration.
Question 7
A firm's revenue function is given by R = 2PQ, where R is the revenue, P is the price and Q is the quantity. If the firm sells 10 units of a commodity at a price of ₦20, what is the revenue?
Question 8
A firm's \cost function is given by C = 2L + 3K, where C is the \cost, L is the labor and K is the capital. If the firm has 10 units of labor and 5 units of capital, what is the \cost?
Question 9
The Marshall-Lerner condition states that a country will experience an improvement in its balance of payments if the sum of the elasticities of demand for imports and exports exceeds 1. What is the minimum value of the sum of the elasticities of demand for imports and exports for a country to experience an improvement in its balance of payments?
Question 10
A firm is producing a good with the following production function: Q = 2L + 3K, where Q is the quantity produced, L is the labor input, and K is the capital input. If the price of labor is $10 per hour and the price of capital is $20 per hour, and the firm is currently producing 100 units of the good, what is the total product of labor?
Question 11
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods. If the consumer has a budget of ₦100 and the prices of the two goods are ₦20 and ₦30 respectively, what is the consumer's optimal bundle?
Question 12
The government of Nigeria has set a target of increa\sing the country's agricultural production by 20% within the next 5 years. If the current agricultural production is ₦100 billion, what is the expected increase in production?
Question 13
The balance of payments account is a statistical statement that summarizes a country's
Question 14
Agricultural development in Nigeria has been hindered by
Question 15
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_L = 10 and w_K = 20, and it is currently producing 4 units of output, what is the firm's current average \cost of production?
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