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Noun (National open university) Live 2019 POP Exam questions
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[QUOTE="Bracet, post: 3971, member: 477"] [IMG]file:///C:%5CUsers%5Cuser%5CAppData%5CLocal%5CTemp%5Cmsohtmlclip1%5C01%5Cclip_image001.jpg[/IMG] [B]NATIONAL OPEN UNIVERSITY OF NIGERIA[/B] [B]FACULTY OF SOCIAL SCIENCES[/B] [B]DEPARTMENT OF ECONOMICS[/B] [B]2019_1 EXAMINATION[/B] [B]COURSE TITLE: [/B][B]MANAGERIAL ECONOMICS[/B] [B]COURSE CODE: ECO 332[/B] [B]UNITS: 2[/B] [B]TIME ALLOWED: 2 HOURS[/B] [B]INSTRUCTION: [/B][B]ANSWER ANY THREE (3) QUESTIONS. ALL [/B][B]QUESTION[/B][B]S CARRY EQUAL MARKS.[/B][B]1 MARK FOR CLARITY AND GOOD PRESENTATION.[/B] 1. (a)State the two major conditions that must be fulfilled for profit to be maximized. [B](5 marks)[/B] (b) Assuming the unit price of a commodity is defined by: P = 90 – 2q, and the cost function is given as: C = 10 + 0.5 q2, Determine the profit-maximising level of output and the unit price. [B](18 marks)[/B] 2. (a) Listthree objectives of a business firm [B](3marks)[/B] (b)A company that produces two products, X and Y has a profit function given as:10X – X[SUP]2[/SUP] – XY + 18Y – 2Y[SUP]2[/SUP]; minimum output = 40 units. Use the Lagrangian multiplier to estimate the units of X and Y that maximizes profit. [B](20 marks)[/B] 3. (a) Differentiate short term demand from long term demand[B](6marks)[/B] (b) Enumerate five determinants of demand.[B] (5marks)[/B] (c) Explain the determinants of price-elasticity of demand for a product.[B] (12marks)[/B] 4. (a) Explain how survey and statistical methods can be used in demand forecasting.[B] (10 marks)[/B] (b) List the necessary steps in the application of the multivariate regression technique of forecasting. [B](8 marks) [/B] (c) Assume a linear cost function and a linear revenue function as follows: Cost function: C = 100 + 10Q Revenue function: R = 150Q. Compute the break-even output [B](5 marks)[/B] 5. (a) What is a production function?[B](3marks)[/B] (b) Write short notes on these: (i) Internal economies of scale (ii) External economies of scale. [B](14 marks)[/B] (c) State the laws of returns to scale [B](6 marks)[/B]. [/QUOTE]
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