POST UTME OSUSTECH 2017 Commerce | Objective
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Question 1
A firm's revenue function is given by R(q) = 10q - 2q^2. What is the price elasticity of demand?
Question 2
A firm's demand function for a good is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's revenue function is given by R = PQ, what is the price elasticity of demand at a price of 20 units of currency?
Question 3
A firm's production function is given by Q = 2L^0.5 + 3K^0.5, where Q is the output, L is the labor, and K is the capital. If the firm wants to produce 100 units of output, and the wage rate is ₦100 per hour, and the rental rate of capital is ₦200 per hour, what is the optimal level of capital?
Question 4
A consumer has a utility function U(x,y) = 2x + 3y, where x and y are the quantities of two different products consumed. If the consumer's income is ₦10,000 and the prices of the two products are ₦2,000 and ₦3,000 respectively, what is the consumer's optimal bundle of products?
Question 5
A firm's supply function is given by Qs = 2P - 10. What is the price elasticity of supply?
Question 6
A company's cost function is given by C = 100 + 2Q + 0.5Q^2, where C is the total cost and Q is the quantity produced. If the company produces 100 units, what is the total cost?
Question 7
A firm's supply curve is upward-sloping, indicating that as the price of the good increases, the quantity supplied also increases. What is the likely reason for this?
Question 8
A firm is considering two different production processes to manufacture a product. Process A has a higher fixed cost but a lower variable cost per unit, while Process B has a lower fixed cost but a higher variable cost per unit. Which process should the firm choose if it expects to produce 10,000 units?
Question 9
In a perfectly competitive market, the supply curve is a straight line that intersects the demand curve at the equilibrium price and quantity. What is the name of this equilibrium price?
Question 10
A country's trade balance is given by TB = X - M, where TB is the trade balance, X is the exports, and M is the imports. If the country's exports are ₦1,000,000, and its imports are ₦800,000, what is the trade balance?
Question 11
A firm uses a total quality management (TQM) approach to improve its customer satisfaction. What is the primary goal of TQM?
Question 12
A consumer has a budget of ₦10,000 and is considering purchasing two different products. Product A costs ₦3,000 and Product B costs ₦4,000. If the consumer spends all of their budget, what is the opportunity cost of purchasing Product B?
Question 13
A consumer has a budget constraint of 100 units of currency and a preference for two goods, X and Y. The prices of X and Y are 5 and 10 units of currency, respectively. If the consumer's indifference curve is tangent to the budget line at point (20, 10), what is the marginal utility of good X?
Question 14
A firm's production function is given by Q = 2L^0.5 + 3K^0.5, where Q is the output, L is the labor, and K is the capital. If the firm wants to produce 100 units of output, and the wage rate is ₦100 per hour, and the rental rate of capital is ₦200 per hour, what is the optimal level of labor?
Question 15
A firm's demand function for a good is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's revenue function is given by R = PQ, what is the price elasticity of demand at a price of 20 units of currency?
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