1a)
Qd=40-2p:
Qd=40-2p
when P=N1
Qd=40-2(N1)
Qd=40-2
Qd=38
Qd=40-2p
when P=N3
Qd=40-2(N3)
Qd=40-6
Qd=34
Qd=40-2p
when P=N5
Qd=40-2p
Qd=40-2(N5)
Qd=40-10
Qd=30
Qd=40-2p
when P=N7
Qd=40-2(N7)
Qd=40-14
Qd=26
Qd=40-2p
When P=9
Qd=40-2(N9)
Qd=40-18
Qd=22
Qs=10+4p
when P=N1
Qs=10+4(N1)
Qs=10+4
Qs=14
Qs=10+4p
when P=N3
Qs=10+4(N3)
Qs=10+12
Qs=22
Qs=10+4p
when P=N5
Qs=10+4(N5)
Qs=10+20
Qs=30
Qs=10+4p
when P=N7
Qs=10+4(N7)
Qs=10+28
Qs=38
Qs=10+4p
when P=N9
Qs=10+4(N9)
Qs=10+36
Qs=46
1b)
Tabulate
demand and supply schedule of milk
Price N- |1|3|5|7|9|
quantity demand-|38|34|30|26|22|
quantity supplied-|14|22|30|38|46|
1c)
equilibrum price N5 A price at which quantity demanded
equates quantity supplied
==================================
4i)
marginal product is the Output that results from one
additional unit of a factor of production (such as a labor
hour or machine hour), all other factors remaining
constant.
4ii)
law of diminishing returns states that in a production
process, as one input variable is increased, there will be a
point at which the marginal per unit output will start to
decrease, holding all other factors constant.
4iii)
i)proper combination of factors of production:it helps the
enterpreneur to combine factors of production properly to
prevent wastage
ii)changes in scale of production: it helps forms to change
the scale of production through the varcation of the
quantities of all input
iii)it ensure efficiency: when mare variable factors are
added to a fixed factor it eventually comes to a profitable
level
==================================
6a)
Tax can be define as a compulsory contribution to state
revenue, levied by the government on workers' income
and business profits, or added to the cost of some goods,
services, and transactions.
6b)
i)Lack of Equality: The bulk of PIT today
are paid by only the employees. Politicians, the rich,
professionals and the privileged, few are not equitably
taxed.
ii)Challenge of Multiple taxes: It is still a
major problem besetting our tax
collection and administration.
iii)Challenge of Bad Governance: Taxpayer are not
encouraged to pay more taxes because there is no visible
evidence of good governance.
iv)Challenge of Corruption: The tax
collection and administration is often
prone to corruption. The corruption risk erodes the tax
yield and confidence in the system.
v)Challenges of Human Capacity
Building and Training: At the States and
Local Governments, there is dearth of
capable hands to administer the relevant taxes efficiently.
==================================
7a)
dependency ratio: this is the ratio of dependants to
working population,it can be expressed as dependent
population
7b)
declining population: it an increasing percentage of old
people while the relative percentage of children and
workers are decreasing
7c)
population density: it is described as the number of
persons per square kilometre of land,it can either be high
or low depending on the number of people in a specified
area or country
7d)
effiency of labour: it is the ablity of labour to increase
output without increasing the quantity of labour if labour
is effiency the quantity of goods and services produced
will be high
==================================
8)
i)ISSUANCE AND DISTRIBUTION OF
CURRENCY
ii)BANKER AND FINANCIAL ADVISER TO THE
GOVERNMENT
iii)BANKER TO THE OTHER BANKS AND
FINANCIAL INSTITUTION
iv)LENDER OF LAST RESORT
v)CLEARING AND COLLECTION OF CHEQUES AND
OTHER INSTRUMENT
i) ISSUANCE AND DISTRIBUTION OF
CURRENCY It is the responsibility of the central bank of a
country to issue and distribute the legal tender currency
(notes and coins) of the country.
ii) BANKER AND FINANCIAL ADVISER TO THE
GOVERNMENT The central bank keeps major accounts of
the government and manages the account of government
and its agencies. As a government bank it also ensure
that money is available to finance the government budget
deficits.
iii) BANKER TO THE OTHER BANKS AND
FINANCIAL INSTITUTION Central bank acts as the banker
to the commercial banks. The central bank for a country
keep banks’ account for commercial and merchant banks
and other financial institutions operating within the
country including foreign banks.
iv) LENDER OF LAST RESORT a process when bank is
faced with a shortage liquid fund, after it has tried all
other sources of fund without success it can always apply
to obtain loan from central bank as a lender of last resort.
v) CLEARING AND COLLECTION OF CHEQUES AND
OTHER INSTRUMENT In each country the central banks
operates a clearing house. Cheques of commercial banks
and other negotiable instrument are cleared (settled)
through the clearing house.
ECONOMICS OBJ:
1-10: EBECCCEBAE
11-20: EAAEBADEEC
21-30: CCCCDBCDCD
31-40: BDEAECBEEC
41-50: BADBEEEDBD
51-60: DCCBDCCBBE
==================================
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economics (obj & essay)..10:00am-12:30
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