Question 2

Use the table to answer the following questions:

Quantity of yams(kg) Total Revenue (TR) Marginal Revenue (MR) Total Cost (TC) Marginal Cost (MC)
  N N N N
0 0 - 5 -
1 9 9 8 3
2 18 9 6 T
3 24 6 21 5
4 28 Q 25 4
5 30 2 25 U
6 P 1 25 0
7 28 -3 S 1
8 24 R 24 -2

(a) Complete the table by calculating the missing figures P,Q,R,S,T,U.
(b)At what out-put is profit maximized?
(c) Calculate the profit when quantity sold is 5.
(d) At what output does MC begin to rise? 

Theory

Question details

Exam body
WAEC
Subject
Economics
Year
1997
Question no.
#2
Type
Theory

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