Nabteb Gce 2016 Economics Obj And Theory Answers – Nov/Dec Expo -
Nabteb Gce 2016 Economics Obj And Theory Answers – Nov/Dec Expo
Ecos Obj
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2)
Given
Qd = 30-3p
Qs = 6p-15
i)
At equilibrum
Qd = Qs
30-3p = 30-15
6p+3p= 30+15
9p= 45
p=45/9 = #5
hence, the equilibrum price is #5
At equilibrum
Qd = Qs
30-3p = 30-15
6p+3p= 30+15
9p= 45
p=45/9 = #5
hence, the equilibrum price is #5
solving for equilibrim quantity
Qd=30-3p
for p= #5
Qd=30-3(5)
= 30-15=15
Qd = 15
Qd=30-3p
for p= #5
Qd=30-3(5)
= 30-15=15
Qd = 15
Quantity supplied at p=#5
Qs =6p-15
=6[5]-15
= 30-15=15
Qs=15
hence Qd = Qs = 15
Therefore Equilibrium Qantity is 15
Qs =6p-15
=6[5]-15
= 30-15=15
Qs=15
hence Qd = Qs = 15
Therefore Equilibrium Qantity is 15
ii)
At p=#700
S>D
6p-15 > 30 – 3p
S = 6p-15
=6(7)-15=42-15
s=27
D=30-3p
=30-3(7)=30-21
=9
S > D
= 27 > 9
Excess supply = 27-9
=18 units
At p=#700
S>D
6p-15 > 30 – 3p
S = 6p-15
=6(7)-15=42-15
s=27
D=30-3p
=30-3(7)=30-21
=9
S > D
= 27 > 9
Excess supply = 27-9
=18 units
iii)
Excess Demand
D > s
30-3p>6p-15
At fixed price p = #3.00
D = 30-3[3] = 30-9 = 21
S = 6(3) – 15 = 18-15 = 3
D > S
D1>3
Excess demand = 21-3
= 18units
Excess Demand
D > s
30-3p>6p-15
At fixed price p = #3.00
D = 30-3[3] = 30-9 = 21
S = 6(3) – 15 = 18-15 = 3
D > S
D1>3
Excess demand = 21-3
= 18units
Therefore excess demand = 18unit. At fixed price. #7.00(mo0
Excess supply is 18units e.d
fixed price is # 3.00
– Earning of foreign Exchange:
agriculture is a good source of foreign exchange earning because it canstitutes the main bulk of exports in Nigeria.
Excess supply is 18units e.d
fixed price is # 3.00
– Earning of foreign Exchange:
agriculture is a good source of foreign exchange earning because it canstitutes the main bulk of exports in Nigeria.
3)
i. Fixed cost: this the cost of resources which do not vary with the level of output in the sort-run
ii. Average fixed cost: this the fixed cost per unit of output
ii. Total cost: this consist of all the amount of what it takes to produce any commodity
iii. Average total cost: This the total cost per unit of Output
iv. Marginal cost: This the change in the total cost that arises when the quantity produced is incremented by one unit
5a)
Household, this consist of one or more people who live in the same Dwelling And also share at meals or living accormodation,
While market demand: is the quantity of goods and services that all the consumers of a commodity are willing, able and ready to buy at A given price at a perticuler time.
5b)
i. Joint demand : a demand is said to be joint when two or more commodities are wanted to satisfied one want at the same time. E.g motor car and petro.
ii . Composite demand : demand is said to be composite when a commodity is wanted to satisfied different want. E.g palm oil, maybe demand for cooking food, manufacyuring soaps, e.t.c
ii. Derived demand : this a situation in which a commodity is wanted not for its immediate satisfaction of want but because of the demand for another commodity e.g. Labour is wanted not because of its direct satisfaction of want but to produce goods and services
i. Joint demand : a demand is said to be joint when two or more commodities are wanted to satisfied one want at the same time. E.g motor car and petro.
ii . Composite demand : demand is said to be composite when a commodity is wanted to satisfied different want. E.g palm oil, maybe demand for cooking food, manufacyuring soaps, e.t.c
ii. Derived demand : this a situation in which a commodity is wanted not for its immediate satisfaction of want but because of the demand for another commodity e.g. Labour is wanted not because of its direct satisfaction of want but to produce goods and services
6)
– provision of food
– sources of raw material
– provisions of employment
– source of income
– earning of foregn exchange
* Explanation
– Provision of food: Agriculture is the main sources of food as its main objective is to provide food for the populace
– Provision of raw Material s: agriculture provides raw material to manufacturers in many sector of the economy. Many products of agriculture serve as raw material in another production sector of the economy. E.g Cassava in the production of flowers, Orange in the production of juice.
– Provision of employment: it provide employment in the view that it can serve as job for the unemployment.
– provision of income: it provides income to the farmers as they sell their farm products to earn income.
– Earning of foreign Exchange: agriculture is a good source of foreign exchange earning because it constitutes the main bulk of exports in Nigeria.
– Provision of food: Agriculture is the main sources of food as its main objective is to provide food for the populace
– Provision of raw Material s: agriculture provides raw material to manufacturers in many sector of the economy. Many products of agriculture serve as raw material in another production sector of the economy. E.g Cassava in the production of flowers, Orange in the production of juice.
– Provision of employment: it provide employment in the view that it can serve as job for the unemployment.
– provision of income: it provides income to the farmers as they sell their farm products to earn income.
– Earning of foreign Exchange: agriculture is a good source of foreign exchange earning because it constitutes the main bulk of exports in Nigeria.
7a)
labour market, this maybe define as a market where wages and other conditions of employment are negotiated and determined.
b)
– the size of a country’s total populations
– pattern of dealth
– immigration
– emmigration
– explanation.
– the size of a country’s total populations
– pattern of dealth
– immigration
– emmigration
– explanation.
* Explanation
– The size of a country’s total population: If the size of a country’s total population is high, The possiblity is that the size of its labour force will be high and vice-versa
– Pattern of death:
-Immigration: people from other countries who have come to settle in a perticular country called Immigrants help to increase the labour force of the coubtry in which they settle
– Emmigration: People from a particular country who move to settle in Other country Known as emigrants contribute immensely in reducing the size of the labour force of the native countries which they deserteed
– The size of a country’s total population: If the size of a country’s total population is high, The possiblity is that the size of its labour force will be high and vice-versa
– Pattern of death:
-Immigration: people from other countries who have come to settle in a perticular country called Immigrants help to increase the labour force of the coubtry in which they settle
– Emmigration: People from a particular country who move to settle in Other country Known as emigrants contribute immensely in reducing the size of the labour force of the native countries which they deserteed
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