1DECDACDBDE
11ACBCBE-CEE
21ACABEEEDAC
31ECBDEBDDEE
41CBCDECDADE
51AADABEAEDD
THEORY
THEORY
(2)
C=24+3q
(ai)Total cost of producing 12 units
C=24+3q
24+3(12)
24+36
=60
(2aii)
36 units
C=24+3q
24+108
=132
(2b)
Average cost when 48 is produced
24+3q
24+3(48)
24+144
168
Average cost=c/q
168/48=3.5
(2bii)
58 units were produced
24+3q
24+3(58)
24+174
198
Average cost=c/q
198/58
3.4
(2)
C=24+3q
(ai)Total cost of producing 12 units
C=24+3q
24+3(12)
24+36
=60
(2aii)
36 units
C=24+3q
24+108
=132
(2b)
Average cost when 48 is produced
24+3q
24+3(48)
24+144
168
Average cost=c/q
168/48=3.5
(2bii)
58 units were produced
24+3q
24+3(58)
24+174
198
Average cost=c/q
198/58
3.4
(2bii)
58 units were produced
24+3q
24+3(58)
24+174
198
Average cost=c/q
198/58
3.4
2c
Marginal cost when 23 units were produced
Total cost of 12 units
C=24+3q
24+3(12)
24+36
60
Total cost of 23 units
24+3q
24+3(23)
24+69
=93
MC=93-60
=33
ii)36 units were produced
Total cost of 23 units=93
Total cost of 36 units=132
MC=132-93=39
2d
Profit when 23 units are produced
=TR-TC
TR:pQ=5*23=115
TC=60
Profit=115-60=55
ii) 48 units are produced
TR=5*48=240
TC=168
Profit=240-168
=72
58 units were produced
24+3q
24+3(58)
24+174
198
Average cost=c/q
198/58
3.4
2c
Marginal cost when 23 units were produced
Total cost of 12 units
C=24+3q
24+3(12)
24+36
60
Total cost of 23 units
24+3q
24+3(23)
24+69
=93
MC=93-60
=33
ii)36 units were produced
Total cost of 23 units=93
Total cost of 36 units=132
MC=132-93=39
2d
Profit when 23 units are produced
=TR-TC
TR:pQ=5*23=115
TC=60
Profit=115-60=55
ii) 48 units are produced
TR=5*48=240
TC=168
Profit=240-168
=72
8a) (i)
free trade area: This is defined as the type of integration in which members countries agree to remove all barriers to trade among them.
free trade area: This is defined as the type of integration in which members countries agree to remove all barriers to trade among them.
(8aii)
Custom unions: This is defined as an agreement among nations to remove trade barriers and set a common barrier to import from non member countries
Custom unions: This is defined as an agreement among nations to remove trade barriers and set a common barrier to import from non member countries
(8aiii)
Common Market: This is described as an economic community in which there is a common internal and external tarrif policy
Common Market: This is described as an economic community in which there is a common internal and external tarrif policy
(8aiv)
Economic Union: This is a form of integration which takes the form of total integration.
(8b)
(i) Inadequate capital
(ii) Political instability
(iii) Inadequate infrastructural facility
(iv) Differences in fiscal and monetary policy
Economic Union: This is a form of integration which takes the form of total integration.
(8b)
(i) Inadequate capital
(ii) Political instability
(iii) Inadequate infrastructural facility
(iv) Differences in fiscal and monetary policy
(4a) Industrialization is define as the process of transforming an economy based on extraction activities into one based on manufacturing.
(4b)
(i)shortage of raw materials
(ii)poor quality of industrial labour.
(iii)competition with foreign goods.
(iv)insufficient capital.
(4b)
(i)shortage of raw materials
(ii)poor quality of industrial labour.
(iii)competition with foreign goods.
(iv)insufficient capital.
6. i international trade involves the
exchange of
goods and services across national
frontiers while
domestic trade involves the exchange of
good
within the borders of goods.
6ii. In international trade buyer and
sellers use
different currencies where as buyers
and seller in
home trade use the same currency
sellers use
different currencies where as buyers
and seller in
home trade use the same currency
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