Tüm alıştırma soruları

A consumer's maximum willingness to pay for four successive bags of rice is ₦15,000, ₦13,000, ₦11,000, and ₦9,000 respectively. If the prevailing market price per bag is ₦9,000, what is the total consumer surplus derived in Naira?

A firm operating under monopolistic competition faces an inverse demand function $P = 120 - 4Q$ and a marginal revenue function $MR = 120 - 8Q$, where $P$ is price in Naira and $Q$ is quantity of output. Its total cost function is $TC = 200 + 20Q + Q^2$ and its marginal cost function is $MC = 20 + 2Q$. What is the firm's maximum short-run economic profit in Naira?

A Nigerian importer requires British Pounds ($\text{GBP}$) to settle an international trade transaction. In the foreign exchange market, the exchange rate between the US Dollar ($\text{USD}$) and the Nigerian Naira ($\text{NGN}$) is $\$1.00 = \text{NGN } 750$, while the exchange rate between the British Pound ($\text{GBP}$) and the US Dollar ($\text{USD}$) is $£1.00 = \$1.40$. What is the cross exchange rate of one British Pound ($£1.00$) in terms of Nigerian Naira ($\text{NGN}$)?

In a foreign exchange market operating under a flexible exchange rate system, the quantity demanded of US Dollars ($\text{USD}$) in millions is given by $Q_d = 1200 - 2E$, and the quantity supplied is given by $Q_s = 400 + 3E$, where $E$ is the exchange rate in Nigerian Naira per US Dollar ($\text{NGN/USD}$). If an increase in import demand shifts the dollar demand curve upward by $250$ million dollars at every exchange rate level, by how many Naira per Dollar will the equilibrium exchange rate increase?

A consumer's evaluation of total utility derived from consuming successive tubers of yam in a local Nigerian market (expressed in monetary terms) is presented in the table below:

If the prevailing market price of a tuber of yam is ₦900, what is the total value of consumer surplus (in ₦) enjoyed by the consumer at equilibrium?

In a given fiscal year, a nation recorded a Nominal Gross Domestic Product (GDP) of $\text{₦}600\text{ billion}$ while its GDP deflator stood at $150$. Calculate the Real GDP of the nation for that year in billions of Naira.

A specific tax of $\text{₦}15$ per unit is imposed on a luxury commodity. Prior to the imposition of the tax, the equilibrium market price was $\text{₦}100$ per unit. Following the tax, the market price paid by consumers increases to $\text{₦}109$ per unit. What is the amount of the unit tax borne by the producer in Naira ($\text{₦}$)?

A concrete block manufacturing factory operates in the short run with fixed molding machinery and variable labor ($L$). When $4$ workers are employed, the average product of labor ($AP_L$) is $30$ blocks per worker. When a $5\text{th}$ worker is hired, the total product of labor ($TP_L$) increases to $145$ blocks. What is the marginal product ($MP_L$) of the $5\text{th}$ worker?

In a regional market for poultry feed, the daily quantity demanded is expressed as $Q_d = 480 - 12P$ and the daily quantity supplied is expressed as $Q_s = -120 + 18P$, where $P$ represents the price per bag in hundreds of Naira and $Q$ represents quantity in bags. What is the market equilibrium price per bag in hundreds of Naira?

A country recorded an Income Terms of Trade index of $144$ and an export volume index of $120$ relative to the base year index of $100$. If the country's import price index stood at $125$ during the same period, what was its export price index?

In a regional agricultural market, the total stock of money in circulation ($M$) is ₦80,000 and the average price level ($P$) per unit of output is ₦250. If the physical volume of transactions ($T$) recorded during the period is 1,600 units, calculate the velocity of circulation ($V$) of money.

In a financial year, a government collected $\text{₦}650\text{ billion}$ in tax revenue and $\text{₦}180\text{ billion}$ in non-tax revenue. During the same period, its recurrent expenditure was $\text{₦}520\text{ billion}$ and its capital expenditure was $\text{₦}460\text{ billion}$. What is the government's budget deficit in billions of Naira ($\text{₦}$)?

At the beginning of a given trading period, the nominal exchange rate between the Nigerian Naira ($\text{NGN}$) and the US Dollar ($\text{USD}$) is $\$1 = \text{NGN } 500$. During the period, Nigeria records an annual inflation rate of $26\%$, whereas the United States records an annual inflation rate of $5\%$. According to the relative Purchasing Power Parity (PPP) theory of exchange rate determination, what is the new equilibrium nominal exchange rate in $\text{NGN}$ per $\text{USD}$?

A firm facing a downward-sloping demand curve sells $12$ units of an item at a price of $\text{₦}75$ per unit. In order to sell $13$ units, it must lower the price of all units to $\text{₦}71$. Calculate the Marginal Revenue of the $13\text{th}$ unit in Naira ($\text{₦}$).

In a domestic agricultural market, the weekly demand function for palm oil is given by $Q_d = 800 - 20P$ and the supply function is given by $Q_s = -100 + 10P$, where $P$ is the price per litre in Naira and $Q$ is the quantity in litres. What is the equilibrium quantity in litres?

A manufacturing firm operating in an imperfectly competitive market sells $5$ units of its commodity at a price of $\text{₦}30$ per unit. In order to increase its sales to $6$ units, the firm lowers the price to $\text{₦}27$ per unit. What is the marginal revenue ($\text{MR}$) of the $6\text{th}$ unit in Naira ($\text{₦}$)?

The market demand and supply equations for fertilizer in an agricultural district are given by $Q_d = 1,800 - 40P$ and $Q_s = 200 + 40P$, where $P$ is the price per bag in Naira ($\text{N}$) and $Q$ is the quantity in bags. The government introduces a price ceiling of $\text{N} 12$ per bag to lower farming input costs. By how many bags does the quantity of fertilizer actually traded in the market decrease as a result of this price control policy?

The monthly revenue collection (in millions of Naira, $\text{₦'million}$) from six regional revenue offices of a state government was recorded as $14$, $18$, $12$, $x$, $22$, and $16$. If the arithmetic mean of the revenue collected across all six offices is $\text{₦}17\text{ million}$, what is the value of $x$?

The table below shows the distribution of monthly fuel consumption (in liters) for a sample of $50$ commercial transport vehicles operated by a logistics firm in Lagos:

Calculate the median fuel consumption (in liters) for this sample of vehicles.

A firm operating in an imperfectly competitive market faces a demand function given by $P = 160 - 4Q$, where $P$ is the unit price in Naira ($\text{₦}$) and $Q$ is the output quantity in units. At what output level $Q$ will the firm maximize its Total Revenue ($TR$)?