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Saturday, July 7, 2018

WAEC Release 2018 May/JuneResult (Statistics)

Waec release 2018 May/June Result about 786,016 candidates representing 49.98% obtained credits and above in a minimum of five subjects including English Language and Mathematics. See statistics below 
Announcing the release of the results at the National office of the council in Lagos, the head of Nigeria Office, Mr. Olu Adenipekun disclosed that. 786,016 candidates representing 49.98% obtained credits and above in a minimum of five subjects including English Language and Mathematics.
It was gathered that a total of 1,578,846 candidates registered for the examination from 17,886 recognised secondary schools in Nigeria. Out of the registered candidates, 1,572,396 candidates sat the examination.

Out of the number that sat for the exam in Nigeria, 1,470,338 candidates, representing 93.51% have their results fully processed and released. The Certificates of such candidates will be ready in 90 days from today.
102,058 candidates representing 6.49% have a few of their subjects still being processed due to errors traceable to the candidates in the course of registration or writing the examination.

A further break down of the results shows that 1,213,244 candidates representing 76.84% obtained credits and above in a minimum of any five subjects (i.e with or without English Language and/or Mathematics.)

“858,424 candidates representing 54.59% obtained credits and above in a minimum of five subjects including English Language but without Mathematics.

“786,016 candidates representing 49.98% obtained credits and above in the minimum of five subjects including English Language and Mathematics.

“In this category were 389,655 male and 396,361 female, representing 47.32% and 52.92% respectively. ”

Candidates can proceed to WAEC’s official website Waec result checker to check their results using the result checker pin and serial number contained on their smart identity card used during the conduct of the examination. 
Or you can as well drop your details in comment section so we can help you check your result and send it to your email. 
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Sunday, July 1, 2018

The Theory Of Consumer Behaviour — Economics

Concept Of Utility 

The capacity of a good to give satisfaction is called "utility". In other words, utility is the satisfaction which a consumer derives from using a commodity or service at any particular time. 
  The economic meaning of utility should be distinguished from the meaning given to it by the man in the street. The ordinary meaning of utility is "usefulness". To the economist, the "usefulness" of anything is a matter of opinion, or subjective, and it is important in the sense expressed in the following example. 
    Many people say that the Nigerian-made hot drink, variously called "ekpeteshi", "aka mere", "ogogoro" is useless and does not possess any utility. This reasoning is faulty as far as the economist is concerned. The truth is that the hot drink satisfies a human want and, therefore, possesses utility or is useful. 
      Another thing to note about the definition of utility is that it relates to something at a particular time. The utility of anything is never fixes. The utility of a yam tuber, for example, will be more to a hungry man than to a man who has just finished taking a meal consisting of yam. 
   Utility, therefore, is difficult, if not impossible, to measure quantitatively, "it is", as someone has tried to describe it, "a mental state that refers to the amount of satisfaction the consumer estimates to have from the consumption of any commodity, ". 
   To understand the real meaning of utility, hence, is not easy. However, we can compare the utility of one commodity with that of another. 

Average Utility 

Average utility is the amount of satisfaction derived by a consumer per unit of a commodity consumed. 
   Average utility is derived by dividing the total utility by the number of units of the commodity consumed. 

CONCEPT OF MARGIN 

"Margin" is a very important concept in economists. The living Webster encyclopedic Dictionary of English language defines the word "Margin" as "border of edge, a limit, or a condition beyond which something ceases to exist or be possible". The margin, in economics, means the boundary or borderline separating the purchases that are worth while from those that are not. 
       It is at the margin that we make a choice among alternatives. Our consumption of any commodity is determined by the decision we make at the margin. Suppose you already have five books on economics and you are contemplating the purchase of a sixth. The contemplated sixth book is known as your marginal volume. Your decision to purchase the book will depend on the additional gain you feel you will get from it and also on the other alternative choices that are open to you to spend your money. In other words, you are considering the marginal worth of the sixth book to you. When you have arrived at this stage, we say that you are on the "margin of consumption". 

Practical Importance of Marginal Analysis 
We have already noted that the margin is very important concept in economics. A very important concept in economics. 
It is at the margin that choices are made. This marginal analysis enables consumers to get the most out of their scarce resources. It helps buyers, who are sometimes in doubt of what to buy, who are sometimes in doubt of what to buy, or whether to buy a little more or less of a commodity, to make a decision. 
   People make marginal decisions daily. It is at the margin that a person decides what to buy, and it is his decision that determines the quantity of the good that is purchased and it's price in the market. In other words, it is at the margin that the purchaser weighs the prices of various goods in the market and adjust his budget to meet his various needs. 
    The most important concepts derived from this marginal approach are : Marginal utility, Marginal revenue, Marginal cost and Marginal product. Marginal cost is the cost of one further unit purchased of a commodity. 
     Marginal revenue is the additional revenue to the total revenue arising from the sale of an additional product. Marginal product is the additional or last unit of the product to be produced or turned out. Marginal utility is the utility or satisfaction received from consuming one more unit of a good or services 
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