Economics Past Questions and Answers

What is the mode and when is it a suitable average to use? State its disadvantages.

Given that quantity demanded per period of time is a function of price and that the relation is expressed as: Q = 60 - 1/3 P, where Q is quantity demanded and P is the price,
(a) Find the quantity demanded when price is :
(i) N30.00;
(ii) N210.00;
(iii) NO.00.
(b) comment on (a) (ii) above.
(c) suppose the relation is now expressed as P = N (180 - 3Q); find P when:
(i) Q = 0;
(ii) Q = 60;
(iii) Q = 59.

The table below shows the age distribution of hypothetical population.

Age	No. of people (million)
Under 20	20.90
20 - 29	13.75
30 - 59	12.10
60 and above	8/25
Total	55.00

Present this information in the form of a pie chart. Show your workings clearly.

Economics can be best defined as the study of

Economics can be best defined as the study of