ECONOMICS

ECONOMICS 2(ESSAY) 9.30AM – 11.30PM
ECONOMICS (OBJ & ESSAY) 11.30AM – 12.30PM
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ECONOMICS OBJ:
1-10: DBACABADCC
11-20: AABBAAABAB
21-30: CADCCDADCC
31-40: CCCBDACCAA
41-50: ABDBBBBCDB
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(2a)
R=19-10=9
6=p-19
P=6+19=25
S=31-30=1
Q-31=0
Q=31
therefore, P=25, Q=31, R=9, S=1
(2b) At level 6 where total utility is 31. This is when marginal
utility is zero and point of satiety is reached
(2c)
draw diagram
(2d)
law of diminishing marginal utility states that as more and
more unit of a commodity is consumed, there is a tendency
for marginal utility ti decrease as total utility increases
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(4a)
-Peasant farming:This is the type of farming which is
concerned with the production of food for the farmer and his
family.A peasant farmer cultivates crops and rears animals in
order to produce food for himself and his family only.The
practice requires a small area of land,while family labour is
employed
-Cooperative farming:This is the type of farming in which
famers come together to enable them enjoy some incentives
from government such incentives include
loans,subsidies,inputs such as fertilizer and easy disposal of
their products through organised markets
(4b)
-Provision of credit facilities to peasant farmers
-Provision of farm inputs such as improved varieties of seed
-Provision of extension services
-Provision of agricultural education
-Provision of storage processing facilities
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(5a)
Price elasticity of supply (PES or Es) is a measure used in
economics to show the responsiveness, or elasticity, of the
quantity supplied of a good or service to a change in its price.
(5b)
(i)In Joint supply two or more commodities are produced and
supplied from one or more sources, while in competitive
supply two or more commodities are supplied to serve as
substitute.
(ii)In joint supply and increase in the production and supply
of one commodities will bring about an increase in the
production and supply of the commodity, whereas in
competitive supply a commodity is supplied for d satisfaction
of a particular want
(5c)
(i)Cost of production: the cost of production normally leads
to elasticity
(ii)Nature of commodity: perishable goods are elastic in
supply due to their nature
(iii)Cost of storage: producers will supply all their
commodities to the market if the cost of storage is high
thereby leading to elasticity
(iv)Market forces: this determines whether supply will
increase or not
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(8a)
Gross Domestic product measures the value of total
production attributes to all factors of production that are
located in the territory of a given country.
(8b)
Gross national product:when necessary adjustment for the
the surplus of a nation on its current account with the rest of
the world has been made, the resulting figure is called the
gross national product(GNP)
(8c)
cost of living is the aggregate amount of money which a
person spends to provide himself the need, usually over a
period of one year
(8d)per capital income is obtained by dividing the total
national income by the total population
(8e)standard of living: when per capita income is calculated,
what you get determines whether the standard of living is
high or low. the higher the quotient, the higher the standard
of living, all things being equal.
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