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*💯 2018 WAEC ECONOMICS OBJ*
Pls put in a tabular form:
0, 15, 35, 60, 85
Under variable cost($):
0, 30, 55, 75, 90
Under Total cost ($):
15, 45, 70, 90, 105
Under Total revenue($):
0, 30, 70, 120, 170
at output 0; marginal revenue (M. R)
at output 15; M.R = TR2-TR1
=30 – 0 = $30.0
at output 35; M.R = TR3 – TR2
70 – 30 = $40.0
at output 60; M.R = TR4 – TR3
=120 – 70 = $50.0
at output 85; M.R = TR5 – TR4
= 170 – 120 = $50.0
at output 0, marginal cost (mc) = $0.00
at output 15, mc = TC2 – TC1
= 45 – 15 = $30.00
at output 35, mc = TC3 – TC2 = 70 – 45 = $25.0
at output 60, mc = TC4 – TC3
= 90 – 70 = $20.0
at output 85, mc = TC5 – TC4
= 85 – 60 = $25.0
i) The firm broke even at output 60kg.
ii) The firm made the highest profit at output level 85kg.
iii) The firm attained equilibrium at output 35kg.
The firm operates on a project market structure.
Unemployment is the economic situation where an individual who is jobless, qualified for a job and has been actively looking for employment is unable to find a job. While- underemployment is an economic situation where a job that an individual is committed to does not utilize all the skills and education the employee possesses.
Seasonal: This type of unemployment occurs due to the seasonal nature of some industries. For example, ice-cream factories.
Structural unemployment: This type of unemployment occurs due to a change in the structure of the economy. For example, the setting up of large mechanized manufacturing units in India led to the decline of handicrafts and led to unemployment of artisans.
Frictional unemployment: This type of un employment occurs due to the normal working of the economy. For example people changing jobs from time to time and may perhaps be unemployed for some weeks as they wait to take up the next job.
Cyclical unemployment is an overall unemployment that relates to the cyclical trends in growth and production that occur within the business cycle. For example When business cycles are at a low peak, cyclical unemployment will occur because total economic output is being minimized.
State owned enterprises are public companies established by the act of parliament and control by the board of directors in order to produce essential services for the citizens. Some state owned enterprises are owned by the state government e.g OSBC while others are owned by the federal government e.g NPA, NRC etc.
i) Huge capital outlay: Public corporations exist because of the huge capital involved.
ii) Welfarism: Government set up state owned enterprises in order to enhance the well being of the citizens.
iii) Equitable distribution of wealth public corporations are established in order to ensure even distribution of resources.
i) Inefficient management: poor management affect the effectiveness of public corporation.
ii) Corruption: political interference in the management of state owned enterprises promote corruption in the system.
iii) Lack of willingness on the part of staff of public corporations affect the efficiency of the enterprises.
The demand schedule, in economics, is a table of the quantity demanded of a good at different price levels. Given the price level, it is easy to determine the expected quantity demanded.
The law of demand states that the higher the price the lower the quantity demanded and the low the price the higher the quantity demanded
i) Competitive demand; Demand is said to be competitive when a commodity is wanted to satisfy a want in place of another similar commodity
ii) Derived demand; This is a situation in which a commodity is wanted not for its immediate satisfaction of want but because of the demand for another commodity
iii) Joint Demand; When two or more commodities are wanted to satisfy one want at the same time
iv) Composite demand; Demand is said to be composite when a commodity is wanted to satisfy different wants for instance, palm oil may be demanded for cooking food,manufacturing of soap and pomade
Optimum population may be defined as that population which is neither too small nor too large, but when combined with the available resources and given the level of existing technology secure a maximum return per head
i)It leads to over population; An increasing or large population of a country if not timely controlled will lead to over population
ii)Increase in government expenditure; The more the population of a country increases, the more the government’s expenditure increases
iii)It may lead to congestion; Increasing population if not controlled will lead to congestion in the area of housing, traffic, schools,etc,
i)Family planning; Family planning which involves giving birth to controllable number of children, adopted in a country will help to check of control both growth and over population
ii)Sex education; Through this, people are taught the implications of involving in any type of sex and how to do it without having unwanted pregnancy
iii)Public enlightenment; Government can set up public enlightenment committee to enlighten people on the need of population control
Commodity money is money whose value comes from a commodity of which it is made.
i) determining the exchange rate among goods;
ii) barter economy also faced the problem of indivisibility i.e. where one party to the exchange has an indivisible item such as sheep;
iii) some goods to be exchanged were not easily portable;
i)as a medium of exchange it breaks transactions into
sale and purchase thus there is no need for double coincidence of wants;
ii) as a unit of account it allows rate of exchange to be easily determined;
iii) modern money has several units and facilities exchange in small and large units;
Tax is 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.
progressive tax is a tax in which the tax rate increases as the taxable amount increases.
proportional tax is a tax imposed so that the tax rate is fixed, with no change as the taxable base amount increases or decreases.
regressive tax is a tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases.
Equality every person should pay to the Government according to his ability to pay, that is in proportion of the income or revenue he et jove onder the protection of the State.
Is the sum, time and/manner of payment of a tax should not only be certain but the time and manner of its payment should also be convenient to the contributor.
Economy: The Government has to spend money on collecting taxes levied by it- Since collection costs of taxes add nothing to the national product, they should be minimized as far as possible.
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