From that table above, the price elasticity of supply is
4
25
1
2
Correct answer is C
From the diagram above, when price was N1, the quantity supplied was 60 and when the price rose to N2, the quantity supplied increased to 120 units. That means price elasticity of supply is elastic. Meaning a change in price will lead to a change in the quantity the supplier is willing to supply.
price elasticity of supply = 2 - 1 = 1
The percentage of working population in 2002 is?
50%
25%
8%
80%
Correct answer is D
The percentage of working population in 2002 =
Working population
Total population
32 ÷ 40 x 100 = 80%
What is the population growth rate in 2003?
33.3%
20.0%
11.0%
50%
Correct answer is D
Population growth rate = the difference between the previous year population and the current year population divided by the previous year
2002 population = 40,000
2003 population = 60,000
60,000 - 40,000 ÷ 40,000 x 100
20,000 ÷ 40,000 x 100 = 50%
Determine the average product of the 4th unit of capital
53
86
212
213
Correct answer is A
Average product is found by dividing total product by the quantity of the variable input.
The AP of the 4th unit of capital = 212 / 4 = 53
N10.8 million
N7.2 million
N3.6 million
N2.4 million
Correct answer is B
No explanation has been provided for this answer.
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