POST UTME MADONNA UNIVERSITY 2021 Commerce | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's cost function is given by C(L,K) = 2L + 3K. If the firm's current labor and capital inputs are L = 8 and K = 6, respectively, then the firm's current total cost is
Question 2
A bank offers a 10% interest rate on deposits. If a customer deposits ₦500, how much interest will the customer earn in one year?
Question 3
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current labor and capital inputs are L = 16 and K = 9, respectively, then the firm's current output level is
Question 4
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 wants to increase output by 20% while keeping labor constant at 16 units, how much capital (H) should it invest?
Question 5
A consumer's budget constraint is given by the equation 2x + 3y = 12. If the consumer's current consumption bundle is (x,y) = (2,2), then the consumer's current expenditure is
Question 6
In a perfectly competitive market, what is the relationship between the supply curve and the marginal cost curve?
Question 7
A company has a warehouse with a capacity to store 1000 units of goods. The warehouse is currently 70% full. If 150 units of goods are received, what is the new percentage of the warehouse that is full?
Question 8
A firm has a revenue function given by R = 2Q - 3, where R is revenue and Q is output. If the firm produces 50 units of output, what is the revenue?
Question 9
A company has two warehouses, A and B. Warehouse A has a storage capacity of 500 units, and warehouse B has a storage capacity of 300 units. If 200 units are already stored in warehouse A, and 150 units are already stored in warehouse B, what is the maximum number of units that can be added to both warehouses?
Question 10
A company is considering the implementation of a total quality management (TQM) system. Which of the following is a key principle of TQM?
Question 11
A sole trader is considering the introduction of a new product line. The product has a high demand, but the production costs are also high. The sole trader has estimated that the product will generate a revenue of ₦120,000 per unit, but the production cost per unit is ₦80,000. What is the sole trader's net profit per unit if it produces and sells 1,000 units of the product?
Question 12
A firm's demand curve is given by the equation Qd = 100 - 2P. If the firm's marginal revenue is 50, what is the price elasticity of demand?
Question 13
A consumer's indifference curve is given by the equation u(x,y) = 2x + 3y. If the consumer's current consumption bundle is (x,y) = (4,2), then the consumer's current utility level is
Question 14
A company is considering the use of a third-party logistics provider to manage its supply chain. Which of the following is a key benefit of outsourcing logistics?
Question 15
A firm's marketing strategy is a long-term plan that outlines its marketing goals and objectives. Which of the following is NOT a type of marketing strategy?
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