POST UTME SUMMIT UNIVERSITY 2024 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's production function is given by Q = 2L^0.5K^0.5. If the price of labor (L) is ₦100 per unit and the price of capital (K) is ₦150 per unit, and the firm's budget constraint is 200L + 300K = ₦100,000, find the optimal level of labor (L) and capital (K) that maximizes the firm's output.
Question 2
A firm is producing a good with a production function \( Q = 2L^{0.5}K^{0.5} \). If the firm's \cost of production is given by \( C = 10L + 20K \), find the firm's optimal input bundle of L and K.
Question 3
A country's balance of payments is given by the equation \( BOP = X - M \), where X is the country's exports and M is its imports. If the country's exports are ₦1000 and its imports are ₦800, find the country's balance of payments.
Question 4
A firm has a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 10Q + 100. If the firm produces 20 units, what is the profit-maximizing price?
Question 5
A country's balance of payments account is given by the following equation: BOP = \( X - M \) + \( F - I \). If the country's exports (X) are ₦100 billion, imports (M) are ₦80 billion, foreign direct investment (F) is ₦20 billion, and domestic investment (I) is ₦15 billion, what is the balance of payments?
Question 6
A consumer's indifference curve is given by the equation ( u(x,y) = 2x + 3y ). If the consumer's income is ₦100 and the prices of x and y are ₦5 and ₦10 respectively, what is the consumer's optimal bundle?
Question 7
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's current labor and capital inputs are L = 4 and H = 9, respectively, what is the marginal product of labor (MPL) when the firm is producing at the given input levels?
Question 8
A consumer has a utility function U(x,y) = 2x + 3y, where x is the quantity of good X and y is the quantity of good Y. If the consumer has a budget of ₦100 and the prices of good X and good Y are ₦5 and ₦3 respectively, what is the consumer's optimal bundle?
Question 9
A firm is producing a good u\sing a production function given by Q = 2L^0.5K^0.5. If the firm's revenue function is given by R = 100Q, find the level of output that maximizes the firm's revenue.
Question 10
Suppose a firm is producing a good u\sing a production function given by Q = 2L^0.5K^0.5. If the firm's \cost function is given by C = 100 + 10L + 20K, find the level of output that minimizes the firm's \cost.
Question 11
A consumer's budget constraint is given by B = P1x + P2y, where B is the budget, P1 and P2 are the prices of two goods, and x and y are the quantities of the two goods consumed. If the consumer's budget is ₦1000, the prices of the two goods are ₦2 and ₦3, respectively, and the consumer's income is ₦1200, what is the consumer's optimal bundle of goods?
Question 12
A monopolist faces a demand curve given by Qd = 100 - P and a marginal revenue curve given by MR = 20 - 2P. Find the monopolist's profit-maximizing price and quantity.
Question 13
A firm is producing a good with a production function \( Q = 2L^{0.5}K^{0.5} \). If the firm's \cost of production is given by \( C = 10L + 20K \), find the firm's optimal input bundle of L and K.
Question 14
A consumer's indifference curve is given by the equation ( u(x,y) = 2x + 3y ). If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, find the consumer's optimal bundle of x and y.
Question 15
A consumer's budget constraint is given by the equation \( 2x + 3y = 100 \). If the consumer's income is ₦100 and the prices of x and y are ₦5 and ₦10 respectively, what is the consumer's optimal bundle?
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