The Theory of Production - Jamb Economics Past Questions and Answers

Question 26:

• JAMB 2015

\(\begin{array}{c|c}
\text{Units of variable factor} & \text{Total
Product} \\
\hline
1 & 25 \\
\hline
2 & 31 \\
\hline
3 & 40 \\
\hline
4 & 48 \\
\hline
5 & 55 \\
\end{array}\)


The marginal product at the fifth variable factor is

A. 7
B. 6
C. 5
D. 9

Question 27:

• JAMB 2015

\(\begin{array}{c|c}
\text{Units of labour} & \text{Fixed capital} & \text{Total product} & \text{Average product} & \text{Marginal product} \\
\hline
0 & 10 & - & - & - \\
\hline
1 & 10 & 10 & 10 & 10 \\
\hline
2 & 10 & 25 & ? & 15 \\
\hline
3 & 10 & 50 & 16.7 & 25 \\
\hline
4 & 10 & 80 & 20.0 & 30 \\
\hline
5 & 10 & 106 & 21.2 & 26 \\
\end{array}\)

Calculate the average product when the 2nd labour was employed 12.5

A. 12.5
B. 12
C. 15
D. 10

Question 28:

• JAMB 2015

The technical relationship between the physical inputs and the physical outputs of a firm is

A. Utility
B. Cost
C. Demand
D. Production function

Question 29:

• JAMB 2014

Firms embark on vertical integration in other to

A. Take over markets formally controlled by other firms
B. Prevent other firms from entering the market
C. Reduce advertisement and management cost
D. Enjoy economies of large-scale production

Question 30:

• JAMB 2014

Division of labour requires that, the tasks in a production line be performed

A. By specialists
B. In stages
C. By all workers
D. By unskilled labourers