Given an output of 3 units, the average is
N16.00
N18.00
N20.00
N24.00
Correct answer is B
No explanation has been provided for this answer.
At what level of input has diminishing marginal returns set in?
3
16
20
22
Correct answer is A
No explanation has been provided for this answer.
Calculate the marginal physical product of the last unit of input
0
2
4
10
Correct answer is B
No explanation has been provided for this answer.
The value of total output in the economy using the value added approach is
N57.00
N37.00
N20.00
N15.00
Correct answer is C
The Value of the total output in the economy will be gotten by adding all the values of the output and subtracting its intermediate consumption (the goods and services used to produce the output) to derive its value-added. That means, output - input
Value of output = 10 + 12 + 15 + 20 - (10 + 12 + 15)
57 - 37 = 20
The long-run equilibrium price and quantity for the firm are respectively
OP,OY
OR,OZ
OR,OX
OQ,OZ
Correct answer is C
No explanation has been provided for this answer.
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