Unlimitedapps
ECONOMICS OBJ:

1-10: EBECCCEBAE
11-20: EAAEBADEEC
21-30: CCCCDBCDCD
31-40: BDEAECBEEC
41-50: BADBEEEDBD
51-60: DCCBDCCBBE

THEORY ANSWERS

1a )
Qd= 40 - 2 p
Qd= 40 - 2 p
when P = N 1
Qd= 40 - 2 ( N 1 )
Qd= 40 - 2
Qd= 38
Qd= 40 - 2 p
when P = N 3
Qd= 40 - 2 ( N 3 )
Qd= 40 - 6
Qd= 34
Qd= 40 - 2 p
when P = N 5
Qd= 40 - 2 p
Qd= 40 - 2 ( N 5 )
Qd= 40 - 10
Qd= 30
Qd= 40 - 2 p
when P = N 7
Qd= 40 - 2 ( N 7 )
Qd= 40 - 14
Qd= 26
Qd= 40 - 2 p
When P = 9
Qd= 40 - 2 ( N 9 )
Qd= 40 - 18
Qd= 22
Qs= 10 + 4 p
when P = N 1
Qs= 10 + 4 (N 1 )
Qs= 10 + 4
Qs= 14
Qs= 10 + 4 p
when P = N 3
Qs= 10 + 4 (N 3 )
Qs= 10 + 12
Qs= 22
Qs= 10 + 4 p
when P = N 5
Qs= 10 + 4 (N 5 )
Qs= 10 + 20
Qs= 30
Qs= 10 + 4 p
when P = N 7
Qs= 10 + 4 (N 7 )
Qs= 10 + 28
Qs= 38
Qs= 10 + 4 p
when P = N 9
Qs= 10 + 4 (N 9 )
Qs= 10 + 36
Qs= 46
1 b )
Tabulate
demand and supply schedule of milk
Price N - | 1 | 3 | 5 | 7 | 9 |
quantity demand- | 38 | 34 | 30 | 26 | 22 |
quantity supplied - | 14 | 22 | 30 | 38 | 46 |
1 c)
click here to veiw digrams
1 d )
equilibrum price N 5 A price at which quantity
demanded equates quantity supplied
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4 i )
marginal product is the Output that results from
one additional unit of a factor of production
(such as a labor hour or machine hour ) , all
other factors remaining constant .
4 ii )
law of diminishing returns states that in a production process , as one input variable is
increased, there will be a point at which the
marginal per unit output will start to decrease ,
holding all other factors constant .
4 iii)
i )proper combination of factors of production :it
helps the enterpreneur to combine factors of
production properly to prevent wastage
ii )changes in scale of production : it helps forms
to change the scale of production through the
varcation of the quantities of all input
iii) it ensure efficiency : when mare variable
factors are added to a fixed factor it eventually
comes to a profitable level
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6 a )
Tax can be define as a compulsory contribution
to state revenue , levied by the government on
workers ' income and business profits , or added
to the cost of some goods , services , and
transactions.
6 b )
i )Lack of Equality :- The bulk of PIT today
are paid by only the employees. Politicians , the
rich, professionals and the privileged , few are
not equitably taxed.
ii )Challenge of Multiple taxes: It is still a major problem besetting our tax collection and administration .
iii) Challenge of Bad Governance :- Taxpayer are
not encouraged to pay more taxes because
there is no visible evidence of good governance .
iv ) Challenge of Corruption: The tax‎ collection and administration is often prone to corruption . The corruption risk erodes the tax yield and confidence in the system .
v) Challenges of Human Capacity Building and Training : At the States and Local Governments , there is dearth of capable hands to administer the relevant taxes efficiently .
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7 a )
dependency ratio :- this is the ratio of dependants
to working population , it can be expressed as
dependent population
7 b )
declining population :- it an increasing percentage of old people while the relative percentage of children and workers are decreasing
7 c)
population density :- it is described as the number of persons per square kilometre of land, it can either be high or low depending on the number of people in a specified area or country
7 d )
effiency of labour :- it is the ablity of labour to
increase output without increasing the quantity
of labour if labour is effiency the quantity of goods and services produced will be high
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