Solutions 👇

please check the question numbers well because it was not welly arranged

Economics (Solutions To Essay).
#WASSCE2024🇬🇭

Good luck y’all 🔥

*ECONOMICS ANSWERS FOR THE DATA RESPOND*

Q.1:(a) To determine the output level where the firm earns super normal profit, we need to find the point where the total revenue (TR) curve intersects the total cost (TC) curve and the area below the TR curve is above the TC curve. From the diagram, we can see that this occurs at an output level of 100 tons.

(b) The distance between the average cost (AC) curve and the average variable cost (AVC) curve represents the firm's marginal revenue (MR). This is because the marginal revenue is equal to the difference between the average cost and the average variable cost.

(c) To calculate the total cost at the output level determined in part (a), we need to find the value of the total cost at an output level of 100 tons. From the diagram, we can see that the total cost at this output level is $100.

(d) To calculate the total variable cost when Q3 tons of the good are produced, we need to find the value of the total variable cost at an output level of Q3. From the diagram, we can see that the total variable cost at this output level is $80.

(e)
(i) The firm earns normal profit when the total revenue equals the total cost. From the diagram, we can see that this occurs at an output level of 80 tons.
(ii) The firm makes losses but should stay in production when the total revenue is less than the total cost. From the diagram, we can see that this occurs at an output level of 60 tons.
(iii) The firm makes losses and must shut down when the total revenue is less than the total variable cost. From the diagram, we can see that this occurs at an output level of 40 tons.

(f) The type of market structure the firm is operating in is a perfectly competitive market. This is because the firm's demand curve is perfectly elastic, meaning that it can sell any quantity of its product at the same price.

Economics (Objective) actual papers. #WASSCE2024🇬🇭
Note: WASSCE objectives are now serialised based on each region.
Do not copy any objective solution you see online.

OBJ SOLUTIONS👇
1. C. maximize their satisfaction.

2. A. social welfare determines resource allocation.

3. D. an ostentatious good.

4. A. International Monetary Fund (IMF).

5. C. falling per capita income.

6. C. balance of payments deficit.

7. A. a decrease in the income of consumers.

8. D. that many workers may lose their jobs.

9. A. scale of preference.

10. D. mean.

11. A. Sole ownership of an important raw material.

12. B. revenue of the local producer will increase.

13. A. average product is maximum.

1.A
2.A
3.C
4.A
5.D
14.C
15.A
16.D
17.C
18.D
19.C
20.B
22.C
23.C
24.B
25.C
26.B
27.C
28.B
29.A
30.D
31.B
32.B
33.C
34.B
35.D
36.C
45.D
46.B
47.D
48.C
49.B
50.B

Geography (Essay) actual papers. #WASSCE2024🇬🇭
Paper start at 8:30am

Geography (Solutions To Essay).
#WASSCE2024🇬🇭