From the table above, Calculate the price elasticity of supply
0.50
0.80
2.00
1.25
Correct answer is B
The elasticity of supply = % change in quantity supplied /%change in price
First, we calculate the individual change in supply and price. hence we have:
For supply we have: ∆Qs/Old Qs x 100
=(24 - 20 )/20 x 100
=4/20 x 100
=20%
For price we have: ∆P/Old price x 100
=(10 - 8 )/8 x 100
=2/8 x 100
=25%
%∆Qs/%∆price
=20/25
=0.8
From the graph above, the consumer will attain equilibrium at point
J
K
L
M
Correct answer is B
No explanation has been provided for this answer.
If the national income is 60m, the contribution of the manufacturing sector is
18m
17m
12m
9m
Correct answer is A
To calculate the percentage each slice is worth, measure the angle of each slice and divide this by 360 then multiply it by 100. To find the number of pieces of data each slice represents, multiply the percentage that each slice is worth by the total number of the data sets.
108 ÷ 360 x 60 = 18m
What is the percentage contribution of services to the national income?
15%
10%
54%
24%
Correct answer is A
126% + 72% + 108% = 306
360 - 306 = 54°
Income
=54/360 x 100
=15% - National income
The total revenue of the firm is represented by
GHEF
GHJC
EFJC
GHOB
Correct answer is D
No explanation has been provided for this answer.
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