ECO314 Past Question

NATIONAL OPEN UNIVERSITY OF  NIGERIA FACULTY OF SOCIAL SCIENCES DEPARTMENT OF ECONOMICS 2018_1 EXAMINATION 

COURSE TITLE: OPERATIONS RESEARCH 
COURSE CODE: ECO 314 
UNITS:2 
TIME ALLOWED: 2 HOURS 
INSTRUCTIONS: ANSWER THREE QUESTIONS

QUESTION 1 
A firm produces an alloy having the following specifications:
(i)specific gravity≤0.98,
(ii)chromium≥8%,
(iii)melting point≥450°C.
Raw materials A, B and  C having the properties show ninth table can be used to make the alloy.

Property	Properties of raw material
	A	B	C
Specific gravity	0.92	0.97	1.04
Chromium	7%	13%	16%
Melting point	0	0	o
	440C	490C	480C

Costs of the various raw materials pert on are:#90 for A,#280 for B and #40 for C.Formulate the L.P model to find the proportions in which A,B and C be used to obtain analoy of desired properties while the cost of raw materials is minimum.

(Total Mark=20%)

QUESTION 2

What conditions must be satisfied before linear programming can be used for

optimization problems?                                                                                                       

(6Mark)

List and explain the assumptions in linear programming models.  (11 Mark)

(Total Mark=17%)

QUESTION 3

Define operations research.                                                                             (3 Mark)

Discuss the scope of operations research in financial management.    (8 Mark)

List the various schemes by which models can be classified.                (6 Mark)

(Total Mark=17%)

QUESTION 4

What are the most popular priority rules for job sequencing?(8 Mark)

What are the components of inventory carrying cost?           (9 Mark)

(Total Mark=17%)

QUESTION 5

Assuming eight jobs are waiting to be processed.  The processing time and due dates for the jobs are given below:

JOB	PROCESSING TIME	DUE DATE(DAYS)
A	4	9
B	10	18
C	6	6
D	12	19
E	7	17
F	14	20
G	9	24
H	18	28

Determine the sequence processing according to First Come,First Serve (FCFS)

in the light of the following criteria:

Average flow time

Average number of jobs in the system

Average job lateness

Utilization of the workers.

(17 Mark)

Ent301 Past Question

NATIONAL OPEN UNIVERSITY OF NIGERIA

91, CADASTRAL ZONE, NNAMDI AZIKIWE EXPRESSWAY, JABI, ABUJA

FACULTY OF MANAGEMENT SCIENCES

JANUARY 2018 EXAMINATION

EXAMINATION QUESTIONS

Course Code: ENT 301                                           Credit Unit: 2
Course Title:            SOCIOLOGY OF ENTREPRENEURSHIP
Time Allowed: 2 1/2 Hours
Instructions: 1. Attempt question number one (1) and any other (2) questions.
2. Question number 1 carries 30 marks, while the other questions
carry 20 marks each.

3. Present all your points in coherent and orderly manner

Question 1
a. Discuss how genetics and environmental inheritance influence children ethics
to become entrepreneurs. (10 marks)
b. Entrepreneurial ethics are central to success of an entrepreneur. How can an
entrepreneur achieve this? (10 marks)
c. How do children inherit parental characteristics in entrepreneurship? (10
marks)

Question 2
a. Smith in 1967 opined that there are two major types of .entrepreneurs. Identify
and discuss them. (10 marks)
b. The social profile of the entrepreneurship is bordered on;
 Early views
 Contemporary views
Explain them in details (10 marks)

Question 3
a. Identify and discuss the personality traits of the entrepreneurs. (10 marks)
b. State the determinants of Entrepreneurial Personality. (10 marks)

Question 4
a. Discuss the Influence of Role and the social class ( 20 marks)

Question 5
Write short notes on any two (2) of the following;
 Classical Theory (10 marks)
 Neo-classical Theory (10 marks)
 Austrian Market process(AMP) (10 marks)