The income of three firms in an economy in 2005, 2006 and 2007 are shown below in million nai YEARS FIRMS 2005 2006 2007 (Nm) (Nm) (Nm) 70 50 80 B 30 40 60 C 20 30 60
The income of three firms in an economy in 2005, 2006 and 2007 are shown below in million nai YEARS FIRMS 2005 2006 2007 (Nm) (Nm) (Nm) 70 50 80 B 30 40 60 C 20 30 60
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![questions from part II
The income of three firms in an economy in 2005. 2006 and 2007 are shown below in million naira (NM)
YEARS
FIRMS
2005
2006
2007
(Nm)
(Nm)
(Nm)
A
70
50
80
30
40
60
20
30
60
(a)
Present the information in a multiple bar chart.
(b)
In which year is the total income for the three firms highest?
(c)
Which firm earned the highest income within the three years?
(d)
If the three firms are the only production units in the economy,
Calculate the national income for
(i)
2005.
(ii)
2006.
(ii)
2007.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F259bb1a6-f29a-4fac-94b4-8d9886c42eb0%2F2df6758d-99fb-4807-85de-fb101c1bf257%2Fwnozyko_processed.jpeg&w=3840&q=75)
Transcribed Image Text:questions from part II
The income of three firms in an economy in 2005. 2006 and 2007 are shown below in million naira (NM)
YEARS
FIRMS
2005
2006
2007
(Nm)
(Nm)
(Nm)
A
70
50
80
30
40
60
20
30
60
(a)
Present the information in a multiple bar chart.
(b)
In which year is the total income for the three firms highest?
(c)
Which firm earned the highest income within the three years?
(d)
If the three firms are the only production units in the economy,
Calculate the national income for
(i)
2005.
(ii)
2006.
(ii)
2007.
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