43
MUX = PX ( where X and Y = good X and Good Y; MU = Marginal Utility;P= Price)MUY = PY. The above represents the
- A. marginal utility equation
- B. equation for consumer dis-equulibruim
- C. utility maximization equation
- D. equation for total utility
- E. equation for price elasticity
44
If as a result of fall in price of the commodity X, the quantity demanded of commodity Y falls, then commodities X and Y are
- A. complementary
- B. in joint demand
- C. luxuries
- D. in composite demand
- E. substitutes
45
If price of a commodity rises from N2.00 to N4.00 and its supply increases from 100 to 125, them the co-efficient of elasticity of supply is
- A. 0.025
- B. 0.24
- C. 0.22
- D. 0.25
- E. 0.23
46
The ranking of a consumer’s need in order of importance is termed
- A. An opportunity cost
- B. Economies of scale
- C. A scale of preference
- D. The making of choice
- E. Direct production