POST UTME LASU 2025 Economics | Objective
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Question 1
A monopolistically competitive firm faces a demand curve given by Q = 100 - 2P. The firm's marginal revenue (MR) function is MR = 50 - 2Q. Find the firm's profit-maximizing output level.
Question 2
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods. If the consumer's budget constraint is 10x + 5y = 50, what is the consumer's optimal bundle of goods?
Question 3
A firm's demand curve for a good is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the firm's marginal \cost is 10, what is the profit-maximizing price?
Question 4
A country's GDP is given by \( GDP = 1000 + 0.2Y \), where Y is the country's GNP. If the country's GNP is $5000, find the country's GDP.
Question 5
A firm's production function is given by Q = 100K^0.5L^0.5, where Q is output, K is capital, and L is labor. If the firm's capital stock is 400 and labor is 900, what is the marginal product of labor?
Question 6
A country's inflation rate is given by the formula: Inflation Rate = \( CPI - CPI_last_year \) / CPI_last_year * 100. If the current CPI is 120 and the CPI last year was 100, find the inflation rate.
Question 7
A consumer has a budget constraint given by I = 100 - 2C. The consumer's indifference curve is given by U = 2C. Find the consumer's optimal level of consumption.
Question 8
A country's GDP is given by GDP = C + I + G + \( X - M \). If the country's consumption (C) is 100, investment (I) is 50, government sp\ending (G) is 200, exports (X) are 150, and imports (M) are 100, find the country's GDP.
Question 9
A consumer's indifference curve is given by the equation ( U(x,y) = 2x + 3y ). If the consumer's initial \endowment is \( x_0, y_0 \ \) = (10, 20) ), and the price of good x is \( P_x = 2 \), find the consumer's optimal bundle.
Question 10
Assume that the Marshall-Lerner condition holds for a small open economy. If the country's export demand elasticity is 2 and import demand elasticity is 3, what is the minimum value of the sum of the export and import demand elasticities required to ensure that a devaluation of the currency will lead to an improvement in the trade balance?
Question 11
A country's GDP is calculated as the sum of all final goods and services produced within its borders. However, if a multinational corporation operating in the country imports all its raw materials and exports all its finished goods, what would be the impact on the country's GDP?
Question 12
A government imposes a tax on a particular good. The demand for the good is given by the equation \( Q_d = 100 - 2P \) and the supply of the good is given by the equation \( Q_s = 2P - 10 \). If the government imposes a tax of ₦5 per unit, what will be the new equilibrium price and quantity?
Question 13
A firm's total revenue (TR) is given by TR = 100Q - 2Q^2. The firm's total \cost (TC) is given by TC = 50Q + 10Q^2. Find the firm's profit-maximizing output level.
Question 14
A country's money supply is given by M = ₦100 billion. If the velocity of money is 5, determine the nominal GDP.
Question 15
A firm's demand function is given by Q = 100 - 2P. If the price elasticity of demand is 0.5, determine the optimal price to maximize revenue.
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