POST UTME UNIBEN 2021 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm has a total revenue function of TR = 100x - 2x^2 and a total \cost function of TC = 50x + 10x^2. What is the profit-maximizing level of output?
Question 2
Suppose the demand function for a product is given by Qd = 100 - 2P and the supply function is given by Qs = 2P - 10. If the market is in equilibrium, what is the price of the product?
Question 3
Suppose 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 supply of the product is given by the equation Qs = 2P - 100, where Qs is the quantity supplied, find the elasticity of demand at the equilibrium price.
Question 4
A firm's demand function is given by the equation \( Q = 100 - 2P \), where ( Q ) is the quantity demanded and ( P ) is the price. If the price is ₦50, what is the quantity demanded?
Question 5
A firm's demand function is given by Q = 100 - 2P. If the firm's revenue function is given by R(P) = 200P, what is the firm's profit-maximizing price?
Question 6
Agricultural mechanization in Nigeria has led to increased crop yields and reduced labor \costs. However, it has also resulted in the displacement of small-scale farmers. What is the most likely consequence of this displacement on the rural economy?
Question 7
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, what is the percentage change in quantity demanded when the price increases by 10%?
Question 8
A firm's total revenue is given by the equation \( TR = 100x - 2x^2 \), where ( x ) is the number of units sold. If the firm sells 20 units, what is the total revenue?
Question 9
A firm's \cost function is given by C = 100 + 2Q + 0.5Q^2, where Q is the quantity produced. If the firm produces 20 units, what is the total \cost?
Question 10
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, what is the percentage change in quantity demanded when the price increases by 10%?
Question 11
A firm has a production function of Q = 2L^0.5K^0.5. If the firm has 4 units of labor and 9 units of capital, what is the level of output?
Question 12
A country's inflation rate is 5% per annum. If the price of a commodity is ₦1000 today, what will be the price of the commodity after 2 years?
Question 13
The government of a country imposes a tax on imported goods to raise revenue. If the tax is increased by 20%, what will be the new tax rate if the original tax rate was 15%?
Question 14
A firm produces two goods, A and B. The production function for good A is given by Q_A = 10L + 5K, where L is labor and K is capital. The production function for good B is given by Q_B = 8L + 3K. If the firm has 100 units of labor and 50 units of capital, what is the total output of the firm?
Question 15
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. U\sing the concept of elasticity of demand, determine the price at which the monopolist should produce to maximize profits.
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