Verified Economics Obj: 1-10: abcbdccdba 11-20: aaadbdbdcc 21-30: ccbbdcbdcc 31-40: dbdaacaddc 41-50: ccbbbbcdca Always pay to enjoy our service. (2) C=24+3q ai)Total cost of producing 12 units C=24+3q 24+3(12) 24+36 =60 ii)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 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. II)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 III)Common Market: This is described as an economic community in which there is a common internal and external tarrif policy IV)Economic Union: This is a form of integration which takes the form of total integration 8b I)Inadequate capital II)Pitical 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) -shortage of raw materials -poor quality of industrial labour. -competition with foreign goods. -insufficient capital. (4c.) -import substitution : it involves deliberate attempt by government aimed at encouraging the growth of industries within the country which produces goods and services which would have been imported. -export promotion : it involves deliberate attempt by the government at encouraging the production of commodities for export. it is done through granting of tax concessions reducing export duties etc 7a) International trade refers to the exchange goods and services that place across international boundaries. 7b1)Embargo: this the total ban on the importation of goods into the country for example a government. Country can /any embargo on the importation of rice .this means would not be imported o that country. 7b2)Quota: this is another term used in barrier to trade. It is the limitation on import . their is certain prescribed number or quantity of goods to the dcountry. this prescribed quantities must not be exceeded 7c -uneven distribution of natural resources: natural resources in various countries are unevenly distributed some countries are naturally blessed with certain natural resources while some are not endowed with the same natural resources. -difference in climatic condition: climatic condition of the earth varies from one region o another. hence ,this necessitate exchange. 6a Central bank:this is the highest financial institution in a country (i.e the apex bank) which carries out the monetary policy of the government 6c. I)provision of loan and overdraft to their customer who which to engage in business. 2)provision of documentary credit: this is one of the function of commercial banks which help to provide commercial credit facilities to exporters,which help them in payment of goods. 3)provision of financial advice:commercial bank encourage and advise businessman on the type of project they should muest their money in. 4)another contribution is that commercial bank help to facilities international trade by providing credit to exporter,and this facilitate payment in foreign trade
Posted on: Sun, 14 Sep 2014 15:39:42 +0000