Economics Past Questions and Answers

Which of the following is not a member of the Economic Community of West African State (ECOWAS)?

Which of the following is not an international economic organization?

The table below represents a travellers's consumption of bottles of Coca-Cola. Study the table carefully and answer the questions that follow. <br/> <br/><table class='tbn'><tbody><tr><td> <b>No. of Bottles</b> </td><td> <b>Total Utility</b> </td><td> <b>Marginal Utility</b> </td></tr><tr><td> 1 </td><td> 15 </td><td> 15 </td></tr><tr><td> 2 </td><td> 29 </td><td> F </td></tr><tr><td> 3 </td><td> 42 </td><td> 13 </td></tr><tr><td> 4 </td><td> D </td><td> 12 </td></tr><tr><td> 5 </td><td> 65 </td><td> G </td></tr><tr><td> 6 </td><td> 75 </td><td> H </td></tr><tr><td> 7 </td><td> E </td><td> 0 </td></tr></tbody></table><br/><br/><br/>(a) Complete the missing figures D, E, F, G and H (5 marks) <br/>(b) Draw the demand curve for the traveler's consumption of Coca-Cola. (The use of a graph sheet is essential) [10 marks] <br/>(c) Explain the law of diminishing marginal utility as the basis for the slope of the traveler's demand curve. [5 marks]

The table below represents the cost function of a poultry farm. The price of a crate of egg is $21. Use the information contained in the table to answer the questions that follow. <br/> <br/><table class='tbn'><tbody><tr><td> <b>Quantity of eggs (in crates) </b> </td><td> Total cost (in $) </td></tr><tr><td> 0 </td><td> 50 </td></tr><tr><td> 1 </td><td> 55 </td></tr><tr><td> 2 </td><td> 62 </td></tr><tr><td> 3 </td><td> 75 </td></tr><tr><td> 4 </td><td> 96 </td></tr><tr><td> 5 </td><td> 125 </td></tr><tr><td> 6 </td><td> 162 </td></tr><tr><td> 7 </td><td> 203 </td></tr><tr><td> 8 </td><td> 248 </td></tr></tbody></table><br/><br/><br/>(a) What Is the fixed cost of the farm? (2 marks]<br/>(b)(i) Calculate the marginal cost at each level of output. [9 marks] <br/>(ii) What is the profit maximizing output of the farm? [3 marks]<br/>(c) Draw the demand curve for the farm. [6 marks]. <br/> <br/>

With an appropriate illustration, explain the circumstance in which an increase in output of a producer would <br/>(a) decrease his sales revenue [10 marks] <br/>(b) increase his sales revenue [10 marks} <br/>