by Sunday | Oct 23 | Economics JAMB
A. consumption of X and reduce the consumption of Y B. expenditure on Y C. expenditure on X D. consumption of Y and reduce the consumption of X Correct Answer: Option D – consumption of Y and reduce the consumption of X Explanation At point M, the consumer...
by Sunday | Oct 23 | Economics JAMB
A. N B. P C. M D. K Correct Answer: Option D = K Explanation The consumer is at equilibrium at point K where the consumption of Y = X (intersection between Y ans X).
by Sunday | Oct 23 | Economics JAMB
A. 5.0 B. 2.0 C. 1.0 D. 0.5 Correct Answer: Option A = 5.0 Explanation price elasticity of demand is calculated as the: percentage change in quantity demanded/percentage change in price Change in quantity = 500 – 400 = 100 % change = 100/100 = 1% Change in...
by Sunday | Oct 23 | Economics JAMB
A. benefits derived from consuming a cheap commodity B. excess of total expenditure over total utility C. difference between marginal utility and marginal cost D. excess of marginal utility over the price Correct Answer: Option C – difference between marginal...
by Sunday | Oct 23 | Economics JAMB
A. scale of preference B. consumer sovereignty C. consumer rationality D. price of the commodity Correct Answer: Option B – consumer sovereignty Explanation Demand patterns are predictions on how consumers react to different products and services in the market....
Land Law and the Consequences of Unauthorized Land Transfers in Nigeria
Original price was: ₦1,000.00.₦300.00Current price is: ₦300.00.