POST UTME SUMMIT UNIVERSITY 2021 Commerce | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's demand function is given by Q = 100 - 2P. If the firm's marginal revenue function is MR = 200 - 4P, what is the level of output that maximizes profit?
Question 2
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's labor and capital inputs are 4 and 9 respectively, what is the level of output?
Question 3
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 wants to increase its output by 20% while keeping labor constant, what percentage increase in capital is required?
Question 4
A company has a foreign trade agreement with a country that has a currency exchange rate of 1 USD = 360 Naira. If the company imports goods worth 10,000, what is the value of the goods in Naira?
Question 5
A firm's profit function is given by P(x) = 2x^2 + 5x - 3, where x is the number of units produced. If the firm produces 10 units, what is the profit?
Question 6
The following diagram shows a production process. What is the primary function of the machine labeled 'A'?
Question 7
A firm's cost function is given by C(x) = 2x^2 + 5x - 3, where x is the number of units produced. If the firm produces 4 units, what is the cost?
Question 8
A firm's warehousing and stock control system involves a just-in-time (JIT) inventory management policy. What is the primary advantage of this policy?
Question 9
A company's sole trader has a warehouse with a capacity of 10,000 units. If the company's average daily sales are 200 units, and the warehouse is currently 70% full, how many days will it take to sell out the remaining stock?
Question 10
A company's marketing strategy involves a mix of advertising and sales promotions. Which of the following is a characteristic of a sales promotion?
Question 11
A company is considering two different marketing strategies: Strategy A and Strategy B. Strategy A involves a one-time advertising campaign with a cost of ₦500,000, while Strategy B involves a monthly advertising campaign with a cost of ₦50,000 per month for 12 months. Which strategy is more cost-effective?
Question 12
A company uses the following transportation costs: 10 per unit for transportation by truck and 20 per unit for transportation by air. If the company has 1,000 units to transport and the cost of transportation by air is 20% higher than by truck, what is the minimum cost of transportation?
Question 13
The following diagram shows a marketing strategy. What is the primary goal of the strategy?
Question 14
A company has a warehouse with a capacity to store 10,000 units of goods. The warehouse is currently 70% full. If 500 units of goods are added to the warehouse, what is the new percentage of the warehouse that is full?
Question 15
A firm's production function is given by Q = 2L^(1/2)K^(1/2), where Q is the quantity produced, L is the labor input, and K is the capital input. If the firm's labor input is 16 units and the capital input is 9 units, what is the quantity produced?
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