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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BFN 112/ BAM 114- PRINCIPLES OF ECONOMICS 1  COURSE OUTLINE:

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