Estimating Aggregate Production Function Using Cobb-Douglas and Constant Elasticity of Substitution for the Manufacturing Sectors in Nigeria Economy ISSN: 2489-0006 Vol.14, N0 1, 68-76
The report added that the most mined mineral in Nigeria remains Granite at 22.3 million tons. According to the NBS, "The aggregate production of mineral products in Nigeria in 2021 grew by 39.19% from 64.29 million tons recorded in 2020 to 89.48 million tons in 2021, indicating an improvement in production.
It assumes amongst others, a diminishing rate of returns to physical capital in the production process as well as erogeneity of population growth and technological change.
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Model Specification. To examine the relationship between fishery production and economic growth in Nigeria, the pairwise granger causality test was modelled as: ∑. ∑. ∑. ∑. Fishery production given by the index of fishery production Economic growth given by real gross domestic product(N' million) Natural logarithm.
A significant size of the financial economics literature suggests that financial sector development plays a large role in economic development of any economy as it promotes economic growth by boosting capital accumulation and enhancing technological progress through increasing the rate of savings, mobilizing and pooling of savings, …
4 marks maximum. 4. In 2014, OPEC's policy has been to increase its supply of oil on the world market. This can be represented by a shift to the right of the world supply curve, producing a new equilibrium position with a lower price but an increase in the quantity of oil traded. In 2016, OPEC decided to reduce supply.
In the aggregate demand equation, output depends on domestic money shocks, while net exports depend on the relative price of oil and the real exchange rate.
This figure presents two examples of aggregate production functions. In the first production function, shown in figure (a), the output is GDP. The inputs in this example are workforce, human capital, physical capital, and technology. We discuss these inputs further in the module, Components of Economic Growth.
This study examined the effect of agriculture on poverty reduction in Nigeria. These were with the view to examining the relative effectiveness of crop production, livestock farming, forestry and ...
In actuality, the only way to combat plastic pollution in Nigeria is for individuals, the government, non-governmental organiz ations (NGOs), and businesses in Nigeria to agree to implement ...
This work therefore outline the major sesame producing areas in Nigeria, the production trend from 1960 to date, gave an overview of production practices across the production areas in Nigeria and discussed the major challenges to sesame production and its prospects to Nigerian economy.
Insecurity of assets and life with declining capacity for technical and market production are responsible for Nigeria's low crude oil production.
Production planning is a basic function of manufacturing management applicable in all manufacturing companies in which it shows the direction and coordination of firms' resources towards attaining ...
A review of Mr Tinubu's 2024 budget shows it violates Nigeria's fiscal law and offers little hope of a better future for citizens.
production model to examine the effects of government expenditure at its' aggregate level on economic growth in Nigeria for the period (1981-2018) u ing bound test (ARDL) approach. The co-integration result indicates the existence of long-run relationship between total government expendi
Aggregate is a broad category of coarse to medium grained particulate material used in construction, including sand, gravel, crushed stone, slag, recycled concrete and geosynthetic aggregates.
This category of Sand deposit system produces most soft sand in the market today which are of finer aggregate particles than sharp sands. It is equally applied in construction works in varying ways in Earthworks especially the filling sands dug out a few meters into the ground called pit.
The demand for inputs and support services may boost the demand for private production, which in turn raises the demand for private output, while aggregate demand and savings can improve the ...
Nigeria is a major hydrocarbons producer in Africa and its production is the mainstay of the country's economy. Oil and natural gas revenue is the country's primary source of foreign exchange, and crude oil price changes noticeably affect its economy.
Since this study investigated the impact of aggregate and disaggregate FDI flow on economic growth, the main interest variables were total, primary, secondary and tertiary FDI as independent variables and five GDP output measures as …
The construction industry uses several types of aggregates in different works, such as concrete production, dams, embankments, and subgrades for railways or highways.
This is followed by poor processing procedures affecting yields. Currently, Nigeria has only three functional processing plants for sesame seeds (two in Kano and one in Lagos). Aggregate processing capacity of the three plants is …
PDF | On May 1, 2019, Onwudike Stanley Uchenna and others published Properties and Aggregate Stability of Soils of Dissimilar Lithology under Land Use Systems in Imo State, Nigeria | Find, read ...
A case study survey of about 15 block production factories was conducted to find out how block manufacturers produce sandcrete blocks and bricks for use in Nigeria.
This study aims to establish the relationship between the following variables or components of aggregate production function and economic growth in Nigeria empirically using Barros model. The impact of government consumption expenditure on economic growth in Nigeria. The impact of government investment expenditure in Nigeria.
This video discusses how economists measure the total factor productivity, capital, and human capital for an aggregate production function.
Nigeria oil demand and production by scenario, 2010-2040 - Chart and data by the International Energy Agency.
This paper investigates the contribution of the agriculture sector to economic growth in Nigeria using the growth accounting framework and time series data from 1960 to 2011. We find that the ...
Macroeconomics Module 18. An aggregate production function will show how productivity depends on: A) prices, costs, and profit. B) technology, human capital per worker, and physical capital per worker. C) population and natural resources. D) technology and natural resources. Click the card to flip 👆.
This study examined nexus between aggregate energy consumption and sectoral output in Nigeria for the period spanning 1980 to 2010. Utilizing a bi-variate Vector Auto-regressive (VAR) model, the ...
