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
|
(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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Assignment 5:
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