Syllabus content and objectives
Official JAMB Economics outline · Section C: Production, Costs, Revenue, and Market Structures
Content
Meaning and types of production.
Objective
Identify the types of production and understand their characteristics.
Content
Concepts of production and their interrelationships: total product (TP), average product (AP), marginal product (MP), and the law of variable proportions.
Objective
Relate TP, AP, and MP to the law of variable proportions.
Content
Division of labour and specialisation.
Objective
Understand the role of division of labour and specialisation in production.
Content
Economies of scale: internal and external economies of scale and their implications.
Objective
Compare internal and external economies of scale in production and explain their effects.
Content
Production functions and returns to scale.
Objective
Identify types of production functions, compare different types of returns to scale, and explain their implications.
Content
Producer equilibrium using isoquant-isocost and marginal analyses.
Objective
Determine a firm's equilibrium position using isoquant-isocost and marginal analyses.
Content
Factors affecting productivity.
Objective
Identify the factors affecting productivity.
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