POST UTME SUMMIT UNIVERSITY 2017 Economics | Objective
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Question 1
Suppose the demand function for a commodity is given by Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price elasticity of demand is cons\tant and equal to -2, find the percentage change in price that will lead to a 10% increase in the quantity demanded.
Question 2
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, find the percentage change in quantity demanded when the price increases by 10%.
Question 3
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current inputs are L = 16 and K = 9, what is the marginal product of capital (MPK) when L = 16?
Question 4
A firm produces two goods, X and Y, u\sing two inputs, labor and capital. The production functions are given by X = 2L + 3K and Y = 3L + 2K, where L is labor and K is capital. If the firm has 10 units of labor and 5 units of capital, find the minimum value of the objective function Z = 2X + 3Y.
Question 5
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the firm wants to produce 100 units of output, and the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, what is the minimum \cost of production?
Question 6
Suppose the supply function for a commodity is given by Qs = 50 + 2P, where Qs is the quantity supplied and P is the price. If the price elasticity of supply is cons\tant and equal to 2, find the change in price that will lead to a 20% increase in the quantity supplied.
Question 7
A firm's demand function is given by Q = 100 - 2P. If the firm's current price is ₦20, what is the elasticity of demand?
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, find the percentage change in price when the quantity demanded increases by 10%.
Question 9
A country's balance of payments is in equilibrium when its current account is equal to its capital account. What is the implication of this equilibrium on the country's exchange rate?
Question 10
A country's trade balance is given by TB = X - M, where X is the value of exports and M is the value of imports. If the country's current account is in deficit, which of the following is a consequence?
Question 11
The demand for a good is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply of the good is given by the equation Qs = 2P - 50, where Qs is the quantity supplied. What is the equilibrium price and quantity of the good?
Question 12
A perfectly competitive firm's supply curve is upward-sloping because it is a reaction to changes in the market price. What is the name of the economic concept that explains why firms supply more of a good as its price increases?
Question 13
A country's supply function is given by Q = 2P + 10. If the country's current price is ₦15, what is the quantity supplied?
Question 14
A firm's demand curve is given by Qd = 100 - 2P. If the price is P = 20, what is the quantity demanded?
Question 15
The Marshall-Lerner condition states that if the sum of the elasticities of demand for imports and exports is greater than 1, then a devaluation of the currency will lead to an improvement in the balance of payments. What is the name of the economist who first proposed this condition?
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