POST UTME PAN-ATLANTIC UNIVERSITY 2020 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A monopolist faces a demand curve given by Q = 100 - 2P. The firm's marginal \cost (MC) is ₦50. What is the profit-maximizing price and quantity?
Question 2
A monopolist faces a demand curve given by Q = 100 - 2P. The marginal revenue function is MR = 50 - 2P. Find the price at which the monopolist will produce 80 units.
Question 3
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods consumed. If the consumer's budget constraint is 2x + 3y = 12, and the price of good x is ₦2 and the price of good y is ₦3, what is the consumer's optimal bundle of goods?
Question 4
A firm is operating in a perfectly competitive market with a demand curve given by P = 100 - 2Q. If the firm's marginal \cost is cons\tant at ₦20, what is the firm's optimal quantity of output?
Question 5
The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price elasticity of demand is 0.5, find the price at which the quantity demanded is 60 units.
Question 6
In a perfectly competitive market, what is the relationship between the marginal revenue product (MRP) and the marginal factor \cost (MFC)?
Question 7
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current output is 100 and the number of workers is 25, find the optimal capital.
Question 8
A firm is considering investing in a new project with an initial \cost of ₦1,000,000 and expected annual profits of ₦200,000. What is the net present value (NPV) of the project if the discount rate is 10%?
Question 9
A consumer's indifference curve is given by the equation 2x + 3y = 6. If the consumer's income is ₦1000 and the prices of the two goods are ₦2 and ₦3 respectively, what is the consumer's optimal bundle of goods?
Question 10
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 income is ₦1000 and the prices of the two goods are ₦2 and ₦3 respectively, what is the consumer's optimal bundle of goods?
Question 11
A consumer's indifference curve is given by U = 2x + 3y, where x and y are the quantities of two goods consumed. If the consumer's budget constraint is 2x + 3y = 12, and the price of good x is ₦2 and the price of good y is ₦3, what is the consumer's optimal bundle of goods?
Question 12
A consumer has a utility function given by U = 2x + 3y, where x and y are the quantities of two goods consumed. The budget constraint is 2x + 3y = 30. Find the optimal quantities of x and y.
Question 13
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 marginal \cost is ₦10, what is the firm's optimal price?
Question 14
A government is considering a tax on a particular good. The supply curve of the good is given by Q = 100 + 2P, where Q is the quantity supplied and P is the price. The demand curve for the good is given by Q = 100 - 2P. Find the price at which the government should impose the tax.
Question 15
A monopolist faces a demand curve given by Q = 100 - 2P. If the firm's marginal \cost is 10, find the optimal price and quantity.
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