Economics Past Questions and Answers

The ranking of a consumer’s need in order of importance is termed

If price of a commodity rises from N2.00 to N4.00 and its supply increases from 100 to 125, them the co-efficient of elasticity of supply is

If as a result of fall in price of the commodity X, the quantity demanded of commodity Y falls, then commodities X and Y are

MUX = PX ( where X and Y = good X and Good Y; MU = Marginal Utility;P= Price)MUY = PY. The above represents the

Subsistence agriculture means