Economics 2007 Waec Past Questions and Answers

Question 51 :

• WAEC 2007

Oranges	Total Utility	Mangoes	Total Utility
1	100	1	50
2	190	2	95
3	270	3	135
4	340	4	170
5	400	5	200
6	450	6	225
7	490	7	245
8	520	8	260

The table above shows Mr. Y's schedule of total utility for oranges and mangoes. The prices of oranges and mangoes are at $1.00 each. Mr. Y has $10 00 to spend on the goods.
Use the information contained in thetable to answer the questions that follow
(a) Calculate the marginal utility for all the levels of consumption for the goods.
(b) At equilibrium, how many (i) oranges (ii) mangoes, will the consumer buy?
(c) (i)State the law of diminishing marginal utility. (ii) State the marginal condition for utility maximization.

Question 52 :

• WAEC 2007

Study the diagram below carefully and use the given information to answer the questions that follow:
(a) Determine: (i) the profit maximizing output; (ii) the firm's profit if it produces 600 units of output; (iii) the total cost if the firm produces 400 units.
(b) Calculate the (I) total revenue (ii) profit of the firm at the output level of 900 units
(c) What will happen if a firm's market price falls below its average variable cost?

Question 53 :

• WAEC 2007

(a) Give two major views of Rev. Thomas Malthus in population theory.
(b) How relevant are his views to the economic realities of West African countries?

Question 54 :

• WAEC 2007

(a) What is an Economic system?
(b) Explain any three characteristics of a mixed economic system.
(c) State any two disadvantages of a mixed economic system.

Question 55 :

• WAEC 2007

(a) Define elasticity of supply
(b) When is supply described as (i) elastic (ii) inelastic
(c) Outline any two factors that influence elasticity of supply.