PREVIOUSLY: ASSIGNMENT ON BFN 112/ BAM 114 PRINCIPLES OF ECONOMICS 1 FOR FULL TIME

ASSIGNMENT 1

1. According to Professor (Lord) Lionel Collins Robbins 1932, defined Economics as a “social science which studies human behaviour as relationship between ends and scarce means  which have alternative uses”. Discuss

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

ASSIGNMENT 2

Write short note on :

            i. Scale of preference

            ii. Choice

            iii. Opportunity cost

            iv. Wants

            v. Scarcity

ASSIGNMENT 3

(a)  What is price elasticity of demand?

(b)  The following table shows the demand and supply of Feyinkogbon, 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. 

ASSIGNMENT 4

(a) The demand and supply functions of Aiyele 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?

ASSIGNMENT 5

(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.