Tuesday, January 29, 2019

BFN 1112/ BAM 114-UPDATED TUTORIAL QUESTIONS ON PRINCIPLES OF ECONOMICS 1


TUTORIAL QUESTIONS


1.  Why do we study economics? Explain the problems the study of economics will help us
      to solve.

 2. Write short note on :
            i. Scale of preference
            ii. Choice
            iii. Opportunity cost
            iv. Wants
            v. Scarcity

3.  (a)  What is price elasticity of demand?
     (b)  The following table shows the demand and supply of Sogbae, a consumer. Use the
            table to answer the questions that follow:
           
Price (N)
Quantity Demand
Quantity supply
550
4,750
5,750
500
5,000
5,000
450
5,250
42,500
i.                    Calculate the elasticity of demand when price was N550.
ii.                  State the nature of elasticity of demand in (i) above.
iii.                Calculate the elasticity of supply when price fell from N500 to N450.
iv.                State whether the supply in (iii) above is elastic or inelastic.
           
4.           write short note on:
            i. Average cost
            ii. Marginal cost
            iii. Total cost
iv. Short and long run cost
v.                  Explicit  cost

5.          The short run cost function of Tiwalade Nigeria Limited is given as:
            C = 0.1q3 – 2q2  + 15q + 10
            Required: Calculate:
i.                    Average Variable Cost.
ii.                  Marginal cost of production of Tiwalade Nigeria limited.

6.         What do you understand by population? List five factors responsible for increase in
              Population in Nigeria.

7.           The table of Age Distribution in Lagos State.

Age
0 -16
17-35
36-65
66 and above
Population
20,000
30,000
10,000
40,000
i.                    Calculate the dependency ratio of the state.
ii.                  Comment on the dependency ratio calculated in (i) above.
iii.                Highlight the economic implication of high dependency ratio.

8.          Identify sources of monopoly`s strength in the market as well as its weakness.
   
9.         A monopolistic competitive firm is closed related to a perfect competitive firm
           especially in their respective features but are significally different in practice.

10.  What are the problems encountered in the process of distribution and marketing of
            goods in Nigeria?

 11.       State four reasons why wholesale prices are lower than retail prices.


  12.      In tabular form, state five differences between wholesaler and retailer.

13.    The demand and supply functions of Otisese Nigeria Limited are given as:
            Quantity Demand (QD) = 20 – 3p
            Quantity Supply (QS) = 6p – 16
            Where p= price in naira.
i.                    Compute the equilibrium price and quantity respectively.
ii.                  If price falls to N2, determine the excess demand,
iii.                If price rises to N6, what is the excess supply?
      (b) What is cross elasticity of demand?

14.     What are the problems that hinder Nigeria from obtaining accurate population census
          figures?

15.       Write short note on:
            i. Over-Population
            ii. Under-Population
            iii. Age Distribution
            iv. Sex Distribution
            v. Population Density

16. (a) State factors of production and their economic reward.
       (b) Calculate :
            i. Average Product
            ii. Marginal Product
          Given the table below showing output of yam producer in Ogun State.
Labour
Unit
1
2
3
4
5
6
7
8
9
10
Total
Product
400
850
1,350
1,840
2,150
2,400
2,520
2,520
2,475
2,550
(c) Enumerate properties of indifference curve approach.
17. Why is economics called a science subject? State five difference between economics
          and other science subjects like physics and chemistry?
    (b) Why scale of preference is necessary?

18.  (a) Suggest ways by which monopoly can be controlled.
       (b) Write short note on:
            i. Price discrimination
            ii. Law of diminishing returns
            iii. Composite demand
            iv. Excess supply
            v. Localisation of industry.

19.   (a) State four reasons why wholesale prices are lower than retail prices.
        (b) In tabular form, state five differences between wholesaler and retailer.     

20.       What are the problems encountered in the process of distribution and marketing of
            goods in Nigeria?
         


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Train your brain click below link: 
BFN 112/ BAM 114- PRINCIPLES OF ECONOMICS 1  COURSE OUTLINE:
 BFN 112/ BAM 114- PRINCIPLES OF ECONOMICS 1 TUTORIAL QUESTIONS:
 
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Patriot Odunaro B.J
 


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