Read the passage and answer the questions. Agriculture remains a fundamental pillar of economic stability in many developing nations. Despite…

Question

Read the passage and answer the questions. Agriculture remains a fundamental pillar of economic stability in many developing nations. Despite technological advancements, the sector is characterized by outdated practices, which hampers productivity. Governments in these regions often neglect agricultural reforms, focusing more on industrialization. Consequently, food security issues persist, leaving many countries dependent on imports. Experts argue that revitalizing the sector requires a multi-faceted approach, balancing modernization with sustainability. One major problem mentioned in the passage is

Answer 1

Read the passage and answer the questions. Agriculture remains a fundamental pillar of economic stability in many developing nations. Despite technological advancements, the sector is characterized by outdated practices, which hampers productivity. Governments in these regions often neglect agricultural reforms, focusing more on industrialization. Consequently, food security issues persist, leaving many countries dependent on imports. Experts argue that revitalizing the sector requires a multi-faceted approach, balancing modernization with sustainability. One major problem mentioned in the passage is

Overproduction of food
Technological regression
Lack of food security ✓
Excessive agricultural exports

Explanation

Marginal utility is satisfaction from consuming one more unit. Law of diminishing marginal utility: as consumption increases, additional satisfaction decreases. First glass of water when thirsty gives more utility than fifth.

This explains downward-sloping demand curves: people only buy more at lower prices because additional units give less satisfaction. Total utility increases but at decreasing rate.

Consumer equilibrium: allocate spending so marginal utility per naira is equal across all goods. If one good gives more utility per naira, buy more of it until equilibrium restored.