POST UTME LAUTECH 2019 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm is considering the production of two goods, X and Y. The production function for good X is given by Q_X = 2L^0.5K^0.5, where L is labor and K is capital. The production function for good Y is given by Q_Y = 3L^0.2K^0.8. If the firm has 100 units of labor and 200 units of capital, what is the ratio of the marginal product of labor with respect to good X to the marginal product of labor with respect to good Y?
Question 2
A firm is considering the production of two goods, X and Y. The production function for good X is given by Q_X = 2L^0.5K^0.5, where L is labor and K is capital. The production function for good Y is given by Q_Y = 3L^0.2K^0.8. If the firm has 100 units of labor and 200 units of capital, what is the ratio of the total product of labor with respect to good X to the total product of labor with respect to good Y?
Question 3
Consider a firm operating in a perfectly competitive market with a production function given by Q = 2L^0.5K^0.5. If the firm's current input prices are w_L = 10 and w_K = 20, and it is currently producing 4 units of output, what is the firm's current marginal \cost of production?
Question 4
A consumer's utility function is given by U(x,y) = 2x + 3y. If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, what is the consumer's optimal level of x?
Question 5
A firm is producing a good with a production function Q = 2L^2 + 3K, where Q is the quantity produced, L is the labor input, and K is the capital input. If the firm is currently producing 100 units of the good and wants to increase production by 20%, what is the required increase in labor input?
Question 6
A monopolist faces a demand curve given by P = 100 - 2Q and a marginal revenue curve given by MR = 50 - 2Q. If the firm's marginal \cost is cons\tant at 20, what is the profit-maximizing quantity and price?
Question 7
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods. If the consumer has a budget of ₦100 and the prices of the two goods are ₦20 and ₦30 respectively, what is the consumer's optimal bundle?
Question 8
The law of diminishing marginal utility states that as the consumption of a good increases, the marginal utility derived from each additional unit of the good
Question 9
A firm has a production function given by \( Q = 2L^{0.5}K^{0.5} \). If the firm has 100 units of labor and 50 units of capital, calculate the marginal product of labor.
Question 10
A firm's demand function is given by Q = 100 - 2P and its \cost function is C(Q) = 2Q^2 + 10Q. Find the profit-maximizing price and quantity.
Question 11
A firm is producing a good with the following production function: Q = 2L + 3K, where Q is the quantity produced, L is the labor input, and K is the capital input. If the price of labor is $10 per hour and the price of capital is $20 per hour, and the firm is currently producing 100 units of the good, what is the total product of labor?
Question 12
A country's balance of payments is given by the following equations: X = 100 + 2Y, M = 50 + Y, and B = 20 + 0.5X. Find the equilibrium values of Y and B.
Question 13
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. Find the profit-maximizing quantity and price.
Question 14
A consumer's utility function is given by U(x,y) = 2x + 3y. If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, what is the consumer's optimal bundle of x and y?
Question 15
The government of Nigeria has set a target of increa\sing the country's industrial production by 15% within the next 3 years. If the current industrial production is ₦150 billion, what is the expected increase in production?
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