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👑 2018 MAY/JUNE WAEC ECONOMICS ANSWERS👑
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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.
– It leads to over population; An increasing or large population of a country if not timely controlled will lead to over population
– Increase in government expenditure; The more the population of a country increases, the more the government’s expenditure increases
– It may lead to congestion; Increasing population if not controlled will lead to congestion in the area of housing, traffic, schools,etc,
3c) – 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
– 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
– Public enlightenment; Government can set up public enlightenment committee to enlighten people on the need of population control
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.
Commodity money is money whose value comes from a commodity of which it is made. Commodity moneyconsists of objects that have value in themselves (intrinsic value) as well as value in their use as money.
Double Coincidence of Wants
Absence of Common Measure of Value
Lack of Divisibility
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
A tax is a compulsory levy or payment made by each eligible citizen towards the expenditure of the state.It is levied by the government without regard to the specific benefits that individual tax payer may receive.
Progressive tax: It takes higher percentage of income from people with larger income eg PAYE(pay as you earn) system of taxation which is being in vogue since 1950s in Nigeria
Proportional tax: It is the amount of money that is directly proportional to the consumer’s income.The rate of tax is the same for all income
Progressive tax: It takes larger percentage of income from people with lower incomes.Indirect taxes for instance which are fixed sums added to the prices of things purchased by consumers irrespective of their incomes
(i) Equity: Every person should pay to the government according to his ability to pay,that is in proportion of the income he get under the protection of the state
(ii) Convinience: The sum, time and manner of payment of tax should not only be certain but time and manner of its payment should also be convinients to the contributor
(iii) Economy: The government has to spend money on collected taxes levied by it since collection of taxes add nothing to national product ,they should be maximized as far as possible