BccM Free Waec 2017 Economics 2 (£ssay) & Economics 1 (Objective) Answer - May/June Expo is now available

👨‍💻 *BccM Coded Tips*

Economics OBJ:
1-10: BABBCBABBB
11-20: CCBBAABABA
21-30: DCCDABADBC
31-40: DDBBAADBAD
41-50: BCCACCBBBC

*BccM 08166037729*


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Sub:Economics
No: 08166037729

Que 1
Tabule
formPrice:-450 ,500
Weekly sales:- 800, 600
Ai
% change in demand=
(800-600)*100
----------
800
=200/800*100%=
25

%%change in price
=500-450*100%

------------------
450
=50/450*100%
=11.11%

% elasiticy of demand =
%change in demand /% change in price

=25%/11.11%

=2.25%

1cThere is a fall in total weekly revenue due to an increase in price

Di close substitute of aii the extent of the necessity of the commodity

2a)Qd = 30 - P
Qs = 15 + 2 P

Demand and Supply schedule for the market
:Please tabulate
Price ( $ ) : 2 ,4 ,7
Qd : 28 ,26 ,23
Qs : 19 , 23 , 29
Qd = 30 - P when P = 2
Qd = 30 - 2 = 28
Qd = 30 - P when P = 4
Qd = 30 - 4 = 26
Qd = 30 - P when P = 7
Qd = 30 - 7 = 23
tabulate again
supply schedule
Please tabulate
Price ( $ ) : 2 ,4 ,7
Qd : 28 ,26 ,23
Qs : 19 , 23 , 29
Qs = 15 + 2 P when P = 2
Qs = 15 + 2 ( 2 )= 15 + 4 = 19
Qs = 15 + 2 P when P = 4
Qs = 15 + 2 ( 4 )= 15 + 8 = 23
Qs = 15 + 2 P when P = 7
Qs = 15 + 2 ( 7 )= 15 + 14 = 29

2bi)
Equilibrium quantity
Qd = 30 - P
Qd = 30 - 5
Qd = 252bii)At P =$ 3
Qd =30 - p
Qd =30 - 3
Qs =15 + 2 p
= 15 + 2 ( 3 )
= 15 + 6
= 21apples
excess demand
= 27 -21=
6 apples

2ci)
Tabulate
Qd =40 - p
Price ( $ ) : 2 ,4 ,7
Qd : 38 ,36 ,33

2 cii )
i ) it represent an increase in demand
2 ciii)i ) the two schedules show that there is a corresponding increasein demand for apples for ten ( 10) at each price

3a Land as a factor of production is a free gift of nature and is fixed. It is the oldest factor of production in the sense that it had been on earth before man started working on it .

The reward of land is rent

3b-The supply of land is fixed bynature.
-Land is a free gift of nature
- Land has no cost of production.

3c
- One of the contributions of land which is nature's aid to production is that it is on it that firms, Government and individuals build their factories,schools, hospitals,roads,residential house etc

-- Agricultural activities from where we produce food for human consumption and raw materials for our industries and for export take place on land.

- Diffrent mineral resources such as crude oil ,tin ,gold ,coal, etc. Are derived from land.- Land provides grassland which we use for the grazing of our animals.


4a) subsistence farming can be defined as the type of agriculture which is concerned with the production if food for the farmer and family only

4b) crop farming can be defined as an agriculture which deal with crop cash production e. G cocoa, cashew, cowpea.

WHILE livestock farming can be defined as the rearing of domestic animals e. G pig, fish etc4cCredit facilitiesExtension of workersConstruction of good roadProvision of social ameninites

5a) A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange.

5b)i) All firms sell an identical product.

ii) All firms are price takers - they cannot control the market price oftheir product.

iii) All firms have a relatively small market share.

5c)I) Motivate through Gamification
ii) Set Clear Goals and Provide Feedback
iii) Communicate Effectively and Efficiently
iv) Set Standards and Provide Skills development

6a).. inflation can be defined as a high and persistent rise in the general price level.but not all price increases are inflationary.

6bi)i)growing economy
ii)expectation of inflation
iii)discretionary fiscal

6bii)i)monopolyii)wage inflation
iii)exchange rates

7c) factors that can speed up the economic development in your country.
-Currency StrengthThe value of the U.S. dollar compared to other foreign currencies such as the yuan, yen and the pound is important even for companies that do not import or export goods. Consumers havea choice to purchase goods or services originating in the United States or in other countries. If the U.S. dollar strengthens, companies in the industry that purchase inputs from other countries are able to be more competitive in pricing. In industries that are heavily reliant on foreign raw materials and processing, such as the clothing industry, the entire sector can be lifted or depressed with a strengthening or weakening of the dollar.

Government InterventionMany industries are regulated by the government in one form or another. Government agencies such as the --Environmental Protection Agency, the Food& Drug Administration or the U.S. Department of Agriculture maintain standards that all operators in an industry must follow for the safety of consumers, employees, or naturalresources. Some industries are more heavily regulated than others and new laws and rules can shake up an entire industry and depress growth. For example,new child toy safety laws implemented under the Consumer Product Safety Improvement Act in 2009 threatened to wipe out many small toy producers as the requirements to test and certify the toys were cost-prohibitive to all but large toy manufacturers. Proposed changes to the Act mayhelp alleviate the burden on smallmanufacturers and resellers.

-Environmental ImpactEconomic growth in an industry can be impacted not only by the environmental effect the productsor services have but also by consumers' perceptions of that impact. For example, the market for fur apparel declined drastically over the course of a few years in the 1990s when consumers perceived that raisingand killing small animals for their fur was both inhumane and a poor use of land. Although the industry is once again picking up with international demand, the number of fur farmers in the country has substantially declined. If the public views an industry's products or services asbeing harmful or unsafe, most companies within the sector can experience a marked decline in sales quickly.-

Overall Economic HealthThe economic state of the countryconfidence can also spur growth and development or harm it. In recessionary times, consumers begin limiting their purchases to the essentials, foregoing luxury orbig-ticket items. Companies also scale back production, hiring and the development of new productsand services to ensure that their finances can weather the storm. In periods of overall economic growth, these companies once again expand

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