Economics 2010 Waec Past Questions and Answers

Question 51 :

• WAEC 2010

The table below represents the cost function of a poultry farm. The price of a crate of egg is $21. Use the information contained in the table to answer the questions that follow.

Quantity of eggs (in crates)	Total cost (in $)
0	50
1	55
2	62
3	75
4	96
5	125
6	162
7	203
8	248

(a) What Is the fixed cost of the farm? (2 marks]
(b)(i) Calculate the marginal cost at each level of output. [9 marks]
(ii) What is the profit maximizing output of the farm? [3 marks]
(c) Draw the demand curve for the farm. [6 marks].

Question 52 :

• WAEC 2010

With an appropriate illustration, explain the circumstance in which an increase in output of a producer would
(a) decrease his sales revenue [10 marks]
(b) increase his sales revenue [10 marks}

Question 53 :

• WAEC 2010

(a) Define increase in supply. [4 marks]
(b) With the aid of diagrams, explain the effect of an increase in the supply of fish on the price of beef [16 marks]

Question 54 :

• WAEC 2010

(a) What is the equilibrium of a consumer? [5 marks]
(b) Explain how a consumer attains equilibrium in spending his income. [15 marks]

Question 55 :

• WAEC 2010

(a) Explain with examples the following types of production (i) Primary [4 marks] (ii) Secondary [4 marks] (iii) Tertiary [4 mark]
(b) Give two reasons why primary production pre-dominates in developing countries [8 marks]