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Expo:GCE further math's answers

on September 27, 2016

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WAEC GCE 2016 Economics anwser

Friday 22nd April 2016 ECONOMICS 2(ESSAY) 9.30AM – 11.30PM ECONOMICS (OBJ & ESSAY) 11.30AM – 12.30PM ++++++++++++++++++++++++++ Econs obj 1dbacabadcc 11aabbaaabab 21cadccdadcc 31cccbdaccaa 41abdbbbbcdb [2] 2 2) R= ∆TU/∆U = 19-10/2-1 =9/1 R=9 P=19+6=25 S= ∆TU/∆U = 31-30/5-4 =1/1 S=1 Q=31+0=31 b) At level 6 where total utility is 31. This is when marginal utility is zero and point of satiety is reached c) The law of diminishing marginal utility States that the amount of satisfaction an individual derives from additional unit of commodity decreases as his consumption of that utility increases ========================== 5a) Elasticity of supply is the degree of responsiveness of the supply to little change in the price of commodity. 5b) i)In Joint supply two or more commodities are produced and supplied from one or more sources, while in competitive supply two or more commodities are supplied to serve as substitute. ii...

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Expo:GCE further math's answers

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