WAEC Economics 1995 Past Questions

Practice each question, then open it to see the full details.

Question 1

 Table of Input and Output;

Variable units of labour Fixed Assets (Hecteres of Land) Total Product (kg) Average Product (kg) Marginal product (kg)
1 3 8 8 -
2 3 18 9 10
3 3 36 P 18
4 3 48 12 12
5 3 55 11 7
6 3 60 Q 5
7 3 60 8.6 S
8 3 56 7 T

Use the table to answer the following questions:
(a) Complete table by calculating the missing figures P, Q, R, S, T.
(b) Draw the Total Product (TP) and Marginal Product (MP) curve in one diagram. (No graph sheet is required).
(c) Explain the relationship between TP and MP. 

Theory
Question 2

Use the schedule to answer the follow-ing questions:

Price per annum Quantity  Demanded Quantity Supplied per week
5 500 60
6 400 150
7 300 300
8 250 400
9 150 500
10 50 600

(a) At what price and quantity does the market attain equilibrium and why?
(b) At what prices does the market exhibit excess demand and by how many units?
(c) At what prices does the market exhibit excess supply and by how many units?
(d) At what price will the supplier be willing to sell most? What quantity will he be willing to sell at that 
 

Theory