POST UTME ABU 2017 Economics | Objective
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Question 1
The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply of the product is given by the equation Qs = 2P - 50, where Qs is the quantity supplied. Find the equilibrium price and quantity.
Question 2
A firm is producing a good with the following \cost function: C(q) = 2q^2 + 10q + 100. The firm is currently producing 10 units of the good. What is the marginal \cost of producing the 11th unit?
Question 3
A firm is producing a good with the following production function: Q = 2L^0.5 + 3K^0.5. The firm is currently producing 10 units of the good. What is the marginal product of labor?
Question 4
The demand function for a product is given by Q = 100 - 2P. If the price of the product is ₦20, what is the quantity demanded?
Question 5
A firm's total revenue (TR) is given by the equation TR = 100x - 2x^2, where x is the number of units sold. Find the price elasticity of demand when the quantity sold is 20 units.
Question 6
A firm's supply function is given by Q = 50 + 2P. If the price of the good (P) increases by 20%, what is the new value of the elasticity of supply (ES)?
Question 7
A firm's marginal revenue (MR) is given by the equation MR = 100 - 4x, where x is the number of units sold. Find the price elasticity of demand when the quantity sold is 20 units.
Question 8
A firm produces two products, A and B, u\sing two inputs, labor and capital. The production functions are Q_A = 2L - 3K and Q_B = 3L + 2K. If the firm has 10 units of labor and 5 units of capital, determine the optimal production plan.
Question 9
A country's GDP is given by the formula \( GDP = C + I + G + \( X - M \ \) ). If the country's GDP is $100 billion and the government exp\enditure is $20 billion, what is the value of the net exports?
Question 10
A country's GDP is given by the equation GDP = C + I + G + \( X - M \), where C is consumption, I is investment, G is government sp\ending, X is exports, and M is imports. If the country's GDP is ₦10 trillion, consumption is ₦3 trillion, investment is ₦1 trillion, government sp\ending is ₦2 trillion, exports are ₦2 trillion, and imports are ₦1 trillion, find the value of C + I + G.
Question 11
The elasticity of demand for a commodity is given by the formula \( eta = \frac{p}{x} \frac{dx}{dp} \). If the demand for a commodity is elastic, what can be concluded about the relationship between the price and quantity demanded?
Question 12
The money supply in an economy is given by M = 1000 + 0.5Y. If the money supply is ₦5000, what is the value of national income?
Question 13
A firm is considering two different market structures for selling a product. The first market structure is a perfect competition market, where the firm faces a demand curve given by P = 100 - Q. The second market structure is a monopoly market, where the firm faces a demand curve given by P = 150 - 2Q. If the firm produces 5,000 units of the product, what is the price in each market structure?
Question 14
A firm has a revenue function of R = 2x^2 + 3x, where x is the quantity sold. Find the marginal revenue function.
Question 15
Determine the equilibrium price and quantity of wheat in the market, given the demand function Qd = 100 - 2P and the supply function Qs = 2P - 10, where P is the price in naira.
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