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Nairaland Forum / Nairaland / General / Education / Nairaland Jamb Tutorial Centre {economics Thread} (5494 Views)
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Re: Nairaland Jamb Tutorial Centre {economics Thread} by Martiyu(m): 11:59pm On Mar 01, 2015 |
cee001: First question, A. Second question u were ryt on point. Now to explanation When you refer to inferior goods, we talk relative to the income of the consumer yl when we talk about giffen goods, we talk with respect to the price of the commodity. They both have negative income effect but while the former is direct, the latter is indirect. Changes in demand are relative to two effects, the income effect and substitution effect. Though this is beyond the scope of JAMB but it is not too early to learn. For inferior goods, we assume that there are close substitutes for the goods and as such, the substitution effect dominates the income effect yl for giffen goods, because of the assumption that a giffen good has no close substitute, the income effect dominates the substitution effect which is assumed to be non existing... Hey! Don't get lost, stay with me... Using these hypothetical examples. Let's assume that given my current income level, I eat eba considering the fact that garri is cheap. But later I got an upgrade in my income level, I may decide to now consume semovita or any other thing more and reduce my consumption of garri. That is the substitution effect dominating. Moving to giffen goods. Let's assume that given my current income level, when I buy garri to make eba, I do add meat to my soup. But now the price of garri has increased and I can't shift to semovita that I consider as luxury. I would do everything needed to ensure that I take myself back to the position I was before the price increase. How would I do that, I would gv up meat to consume more garri despite the fact that its price has increased. Mark you, meat is not a substitute for garri. The assumption that there are no close substitutes would make the income effect to overwhelm the substitution effect. If you do not understand, please tell me.. I would look for ways to simplify it. |
Re: Nairaland Jamb Tutorial Centre {economics Thread} by Martiyu(m): 12:30am On Mar 02, 2015 |
cee001: A. Gearing ratio is used to determine the financial strength of organisation. It measures the ratio of debts (numerator) to the shareholders equity or capital (denominator) Interest on loan of course would be a debt to the company. If this is too high relative to the share capital, that spells doom. The ratio will be high and we say the company is highly geared and vice versa. Goodnight |
Re: Nairaland Jamb Tutorial Centre {economics Thread} by Martiyu(m): 12:36am On Mar 02, 2015 |
Mogten: Hahaha comewhat? I just pray the audience won't support the ministry with sachets of water and what have you. Hmm and thereafter came the flattery. I am trying to get used to it but that just seem like a herculean task. |
Re: Nairaland Jamb Tutorial Centre {economics Thread} by cee001(m): 7:44am On Mar 02, 2015 |
Martiyu:ok...I get...thanks |
Re: Nairaland Jamb Tutorial Centre {economics Thread} by cee001(m): 8:37am On Mar 02, 2015 |
Martiyu: |
Re: Nairaland Jamb Tutorial Centre {economics Thread} by MizyB(f): 10:19am On Mar 02, 2015 |
Mogten:thanks for the epistle sir |
Re: Nairaland Jamb Tutorial Centre {economics Thread} by MizyB(f): 10:31am On Mar 02, 2015 |
cee001:have you reprinted? |
Re: Nairaland Jamb Tutorial Centre {economics Thread} by cee001(m): 11:18am On Mar 02, 2015 |
MizyB:no.But about to..soonest... |
Re: Nairaland Jamb Tutorial Centre {economics Thread} by MizyB(f): 11:20am On Mar 02, 2015 |
cee001:bro am waiting for u o. Hearing some rumour that it might not be 'Today' again! |
Re: Nairaland Jamb Tutorial Centre {economics Thread} by cee001(m): 2:29pm On Mar 02, 2015 |
MizyB:I just did mine |
Re: Nairaland Jamb Tutorial Centre {economics Thread} by MizyB(f): 2:37pm On Mar 02, 2015 |
cee001:when is ur date? |
Re: Nairaland Jamb Tutorial Centre {economics Thread} by cee001(m): 4:55pm On Mar 02, 2015 |
MizyB:13th |
Re: Nairaland Jamb Tutorial Centre {economics Thread} by MizyB(f): 6:13pm On Mar 02, 2015 |
cee001:was it in the centre u registered ? |
Re: Nairaland Jamb Tutorial Centre {economics Thread} by cee001(m): 8:35pm On Mar 02, 2015 |
MizyB:yeah |
Re: Nairaland Jamb Tutorial Centre {economics Thread} by MizyB(f): 4:34pm On Mar 05, 2015 |
My Egbons, help a sister; if the marginary propensity to consume is 0.80 and the investment expenditure changes fdrom N100M to N140M in a given economy, find the level of equilibrium in the given economy, using the formular K=1/1-MPC (K=multiplier, MPC=Marginal prospensity to consume) A. N20M B. 40M V. 80M D. 200M |
Re: Nairaland Jamb Tutorial Centre {economics Thread} by Oloro29(m): 7:00pm On Mar 05, 2015 |
MizyB: The answer is D. Using k times change in investment exp. 40m X 5 =200m |
Re: Nairaland Jamb Tutorial Centre {economics Thread} by cee001(m): 8:41pm On Mar 05, 2015 |
more explanation on the concepts of the above question,anyone? |
Re: Nairaland Jamb Tutorial Centre {economics Thread} by Temmi001: 9:13pm On Mar 05, 2015 |
MizyB:Hmmm,multiplier effect sha...... |
Re: Nairaland Jamb Tutorial Centre {economics Thread} by Martiyu(m): 9:23pm On Mar 05, 2015 |
cee001: K=1/1-b. b = MPC = 0.8 1/1-0.8 = 1/0.2 = 5 Change in investment is = new level of investment minus initial level of investment I.e. 140 - 100 = 40 The multiplier which measures the multiple by which national income will change from a change in any of the exogenous variables (C, I & G.. Assuming a closed economy to simplify the model) that determine equilibrium level of income will act on the change in investment #40×5= 200 |
Re: Nairaland Jamb Tutorial Centre {economics Thread} by MizyB(f): 9:55am On Mar 06, 2015 |
Oloro29:Thank u sir |
Re: Nairaland Jamb Tutorial Centre {economics Thread} by MizyB(f): 9:59am On Mar 06, 2015 |
Temmi001:Temi no be small thing. My exam na wednesday sha. Dey pray fr me o |
Re: Nairaland Jamb Tutorial Centre {economics Thread} by Temmi001: 11:33am On Mar 06, 2015 |
MizyB:ok MizyB...God Bless u...where'z ur center?? |
Re: Nairaland Jamb Tutorial Centre {economics Thread} by cee001(m): 1:00pm On Mar 06, 2015 |
Martiyu:Thank u so so much..really. |
Re: Nairaland Jamb Tutorial Centre {economics Thread} by Martiyu(m): 10:54am On Mar 09, 2015 |
As You all prepare to write the much awaited exam, I wish you good success. And u know what, m waiting to hear d good news, in this and the subsequent ones. All the best. |
Re: Nairaland Jamb Tutorial Centre {economics Thread} by cee001(m): 9:52am On Mar 17, 2015 |
Martiyu:A big thank you Sir Martiyu and other them chief economists wey dey here....I had 78% in Econs...and I return all d glory to God...that was my highest score...thanks again....for ur responsiveness n all 1 Like |
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