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IJMB Economics Paper I Solutions and Answer Key
Meanwhile, the 2025/2026 IJMB Economics Solutions and answer key are now accessible for instant free viewing below.
Number One
(1)
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Number Two
(2)
(i) Efficient Allocation of Resources: The theory of production helps producers determine the best combination of land, labour, capital, and entrepreneurship needed for production. This enables scarce resources to be utilized efficiently, reducing waste and increasing productivity. As a result, firms can achieve maximum output from the available inputs.
(ii) Cost Minimization: The theory of production assists firms in selecting the most economical method of production. It explains how different combinations of factors can be used to produce the same level of output at the lowest possible cost. This helps businesses remain competitive and improve profitability.
(iii) Profit Maximization: The theory provides guidance on the level of output a firm should produce to obtain the highest possible profit. Understanding the relationship between inputs and outputs enables entrepreneurs to make decisions that increase revenue while controlling production costs.
(iv) Decision Making in Production Planning: The theory of production provides useful information for planning production activities. It helps managers decide on the quantity of inputs required, the production scale to adopt, and the most suitable production techniques. This leads to better organization and coordination of production processes.
(v) Understanding the Law of Returns: The theory explains how output changes when additional units of a variable factor are employed while other factors remain fixed. Knowledge of increasing, diminishing, and negative returns helps firms avoid inefficient production practices and maintain optimum productivity.
(vi) Technological Improvement and Innovation: The theory of production encourages firms to adopt improved technologies and modern production methods. Better technology increases efficiency, raises output levels, and enhances the quality of goods and services, thereby contributing to economic growth.
(vii) Economic Growth and Development: The theory of production contributes to national economic development through increased output, higher employment opportunities, and improved utilization of resources. Efficient production expands the supply of goods and services, raises income levels, and improves the population’s standard of living.
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Number Three
(3)
(i) Linear Isoquant (Perfect Substitutes): This type of isoquant is represented by a straight downward-sloping line. It occurs when one factor of production can completely replace another at a constant rate without affecting the level of output. For example, a firm may substitute one unit of labour for one unit of capital continuously while maintaining the same quantity of production.
(ii) Right-Angled Isoquant (Perfect Complements): This isoquant is L-shaped and arises when factors of production must be used in fixed proportions. Neither factor can substitute for the other. An increase in one factor alone does not increase output unless the other factor is increased in the required proportion. An example is a machine and its operator, where one cannot function effectively without the other.
(iii) Convex Isoquant (Imperfect Substitutes): This is the most common shape of an isoquant. It is convex to the origin because factors can substitute for one another, but not perfectly. As more of one factor is used, increasingly larger quantities are required to replace units of the other factor. This reflects the principle of diminishing marginal rate of technical substitution.
(iv) Smoothly Curved Isoquant: This isoquant shows a high degree of substitutability between factors, although substitution is not perfect. Labour can replace capital and vice versa over a wide range, but the rate of substitution changes gradually as production moves along the curve. The smooth shape indicates continuous adjustment in factor combinations.
(v) Kinked Isoquant: This shape occurs when there are only a few efficient combinations of factors available for production. The curve contains bends or corners that indicate points where a producer shifts from one production technique to another. Substitution between factors is possible only within limited ranges.
(vi) Near-Linear Isoquant: This isoquant appears almost as a straight line but still retains slight curvature. It indicates a very high degree of factor substitutability. Producers can easily switch between labour and capital with only a small reduction in efficiency, making the curve less curved than the typical convex isoquant.
(vii) Highly Curved Isoquant: This shape indicates a low degree of substitutability between factors of production. Replacing one factor with another becomes increasingly difficult, and large quantities of one factor are required to compensate for small reductions in the other. The stronger curvature reflects greater dependence on maintaining balanced input combinations.
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*IJMB ECONOMICS*
*NUMBER FOUR*
(4)
An isocost curve is a line that shows all the possible combinations of two factors of production, such as labour and capital, which a firm can purchase with a given amount of money at given factor prices. Every point on the curve represents the same total cost of production.
(4b)
(i) Total Physical Product (TPP): Total physical product refers to the total quantity of output produced from a given quantity of inputs during a specific period of time. It measures the overall production achieved through the combination of factors of production. As more units of a variable factor are employed, total physical product initially increases at an increasing rate, later increases at a decreasing rate, and may eventually decline if excessive units of the variable factor are used.
(ii) Average Product (AP): Average product refers to the output produced per unit of a variable factor of production employed. It is obtained by dividing the total physical product by the number of units of the variable factor used. Average product helps in measuring the productivity and efficiency of a factor of production. Mathematically, Average Product (AP) = Total Physical Product (TPP) Ă· Quantity of Variable Factor Used.
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Number Five
(5a)
An entrepreneur is a person who organizes, coordinates, and manages the factors of production, namely land, labour, and capital, for the purpose of producing goods and services. The entrepreneur bears the risks and uncertainties involved in business activities and receives profit as a reward.
(5b)
(i) Organization of Factors of Production: An entrepreneur combines land, labour, capital and other resources in the right proportion to achieve production objectives. This role ensures that resources are effectively coordinated to produce goods and services efficiently.
(ii) Risk Bearing: An entrepreneur assumes the risks and uncertainties associated with business operations. Since future market conditions cannot be predicted with certainty, the entrepreneur bears the possibility of losses and enjoys profits when the business succeeds.
(iii) Creation of Employment Opportunities: Entrepreneurs establish businesses that require workers for various activities. As firms expand, more people are employed, thereby reducing unemployment and improving the standard of living of individuals.
(iv) Promotion of Innovation: An entrepreneur introduces new products, new production methods, and improved business practices. Innovation increases productivity, improves product quality and enables businesses to meet changing consumer needs.
(v) Wealth Creation: Entrepreneurs contribute to wealth generation through the production of goods and services. Successful business activities increase income for owners, employees and the government through taxes, thereby enhancing economic prosperity.
(vi) Economic Growth and Development: Entrepreneurs stimulate economic development through increased production, investment, and utilization of resources. Their activities expand national output, increase income levels and contribute to the overall growth of the economy.
(vii) Mobilization and Utilization of Resources: An entrepreneur identifies idle or underutilized resources and puts them into productive use. This improves resource efficiency, increases output, and ensures that scarce resources contribute meaningfully to economic development.
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Number Six
(6a)
(i) Systematic Study of Human Behaviour: Economics studies human behaviour in relation to the production, distribution, and consumption of goods and services in an organized and systematic manner. Its principles and theories are arranged logically, making it a scientific discipline.
(ii) Use of Scientific Methods: Economics employs scientific methods such as observation, data collection, classification, analysis, and interpretation of facts. Economists gather evidence and test hypotheses before formulating economic laws and theories.
(iii) Formulation of Economic Laws: Economics develops laws and principles that explain economic behaviour. Examples include the law of demand, the law of supply, and the law of diminishing returns. These laws help explain and predict economic events under given conditions.
(iv) Cause and Effect Relationship: Economics examines relationships between variables such as price and demand, income and consumption, or investment and output. It seeks to establish how one economic factor influences another, which is a major characteristic of science.
(v) Ability to Make Predictions: Economics enables economists to forecast future economic trends and outcomes based on established theories and available data. Such predictions assist individuals, businesses, and governments in making decisions.
(vi) Objectivity in Analysis: Economics aims at objective analysis of economic problems through facts and evidence rather than personal opinions or emotions. This scientific approach enhances the reliability of its conclusions.
(vii) Testing and Verification of Theories: Economic theories can be tested against real-world situations. When observations support a theory repeatedly, it gains wider acceptance, similar to scientific principles in other fields of study.
(6b)
(i) Human Behaviour is Unpredictable: Economics deals with human beings whose actions and decisions often change due to emotions, habits, beliefs, and personal preferences. This makes economic predictions less certain than those in the natural sciences.
(ii) Economic Laws are Not Universal: Economic laws operate only when certain assumptions or conditions remain unchanged. Changes in these conditions may alter the expected outcomes, limiting the universal application of economic principles.
(iii) Difficulty in Conducting Controlled Experiments: Unlike natural sciences, economics cannot easily conduct laboratory experiments under controlled conditions. Many economic situations occur in complex real-life environments where numerous factors interact simultaneously.
(iv) Influence of Non-Economic Factors: Economic activities are often affected by political, social, cultural, religious, and psychological factors. These influences may reduce the accuracy of purely economic explanations and predictions.
(v) Problems of Measurement: Certain economic variables such as satisfaction, utility, and welfare cannot be measured precisely. This makes some economic analyses subjective and less exact.
(vi) Frequent Changes in Economic Conditions: Economic conditions such as consumer tastes, technology, population and government policies change over time. These changes may render existing theories less effective in explaining current situations.
(vii) Possibility of Bias: Economists may sometimes interpret data differently based on their assumptions, values, or perspectives. Such differences can lead to varying conclusions about the same economic issue, reducing absolute certainty in economic analysis.
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COMPLETED.
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