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CLASS WORK ON BFN 112/BAM 114-PRINCIPLES OF ECONOMICS 1

1. Given that:
Q = 24 - 2P
 S= 15 + P
Calculate
(a) Equilibrium Price and Equilibrium Quanity.
(b) Excess demand if price increased to N5.
(c) Excess supply if price reduced to N2.

2. Feyinkogbon Nigeria Limited provide the following information:

Unit	0	1	2	3	5
Total Cost	150	250	400	600	800

Required:
(a)  Fixed Cost
(b) Variable Cost
(c) Marginal Cost
(d) Average Cost
(e) Average Variable Cost
(f) Average Fixed Cost


3.(a) Given the demand and supply equations for a commodity as:
Q= 200 - 0.2P
S= 50 + 0.3P
Required:
(i) Determine equilibrium price and quantity.
(ii) If price of the commodity increased to N330/unit how many unit of their commodity would be bought and sold.
(b) Given that a monopolist faces a linear demand curve such that P= 200 -8q and a constant marginal cost of N20. Determine the monopolist output level at which profit is maximized.

4.(a) Copy and complete the table and show your workings neatly.

Output	Fixed Cost	Variable Cost	Total Cost	Average Cost	Marginal Cost
10	1,000	500
30	1,000	1,300
40	1,000	1,500
50	1,000	1,600
60	1,000	2,000
70	1,000	3,200
80	1,000	5,000

(b) Using the completed table above,explain the behaviour of AC and MC within the range of the output and draw the graph.

5(a) 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
Required:
(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?


6. (a) Complete the following cost schedule and answer the underlisted questions.

Output	Total Cost	Average Cost	Marginal Cost
1	8	8
2	14	A
3	B	6
4	20	C
5	D	6
6	48	E

(I) Calculate the value A- E

(ii) Calculate values of marginal cost (MC)

(iii) Determine what output is marginal cost (MC) at the minimum.

7. 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

8.(a) Over Population
(b) Under Polpulation
(c) Age Distribution
(d) Sex Distribution
(e) Population Density

Best of Luck!

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