JAMB Economics Past Questions & Answers - Page 77

where;
N = number of items in the distribution
X = is variable
x̄ = Arithmetic mean
∑ = sum of

Rubber is a coagulated, elastic latex. Plants that produce elastic latexes are largely neotropical. Commercial rubber is produced from latex of Hevea brasiliensis.

This question is a little bit tricky to answer because out of the 4 options provided only one is not a
participant in the (Nigeria) money market and that is the mortgage banks because mortgage loans
are usually not in short term of say 13months which makes it not fit into the money market characterized by short term loans. The central bank, Money deposit bank and insurance companies
are all participant of the money market because they offer short term loans.

This is because the average product (AP) is found by dividing total product by the input of labour. For example, a company that produce 100kg of product with 10 workers has an average product of 10. 

For a detailed explanation, taken a company A for example. If company A employs only one worker and with one worker, total production is 20kg each hour. This gives an average product of 20kg. Now if company A employs two workers and the total production is 50kg, the average product for the two workers give 25kg. Also when company A employs three workers and the total hourly production increase to 90kg, these means 30kg is the average product for the three workers and so on. 
In this case, 3 workers produce 150kg of output therefore, the Average product of labour for the 3rd unit is 50kg. Given by: 
Average product= TextTotalproduct/TextVariableproduct
 

A cooperative society as a voluntary business organization in which a group of individual with common interest pool their resources together to promote the economic welfare of the members in production, distribution and consumption of goods and services.