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# ECONOMICS ESSAY & OBJ WAEC GCE 2020 QUESTIONS AND ANSWERS EXPO

Monday, 30th November 2020

Economics 2 (Essay) – 9:30am – 11:30am
Economics 1 (Objective) – 11:30am – 12:30pm

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(2a)

MR = ∆inTR/∆inQ
TR2 – TR1/Q2 – Q1

At Q = 1
MR = Nil(-)

At Q = 2,
MR = 30-20/2-1 = 10

At Q = 3
MR = 60-30/3-2 = 30

At Q = 4
MR = 80-60/4-3 = 20

At Q = 5
MR = 120-80/5-4 = 40

At Q = 6
MR = 150-120/6-5 = 30

AR = TR/Q

At Q = 1
AR = 20/1 = 20

At Q = 2
AR = 30/2 = 15

At Q = 3
AR = 60/3 = 20

At Q = 4
AR = 80/4 = 20

At Q = 5
AR = 120/5 = 24

At Q = 6
AR = 150/6 = 25

MC = TC2 – TC1/Q2 – Q1

At Q = 1
MC = Nil(-)

At Q = 2
MC = 50 – 40/2 – 1 = 10

At Q = 3
MC = 60 – 50/3 – 2 = 10

At Q = 4
MC = 80 – 60/4 – 3 = 20

At Q = 5
MC = 110 – 80/5 – 4 = 30

At Q = 6
MC = 120 – 110/6 – 5 = 10

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