Economics Past Questions and Answers

Consider the following figures which refer to a firm's production department during one week:<br/><br/>Wage bill ₦6,000, Rent, Rates, Depreciation ₦200, raw materials ₦800, Power ₦300.<br/>Total variable costs incurred during the week are

If AC and MC are represented on a graph, the MC curve will cut the AC curve_______

Consider the diagram below which shows a demand curve (d).<br/> <br/>Total expenditure on a commodity is represented by the area TUVW. Consumer's surplus is represented by___________

Adam Smith's Theory of value stated that the value of a commodity depended on________

Let the quantity demanded in units of a particular commodity be represented as Qd = 80 - 2P, find the quantity demanded when P = ₦3.