Bcom 201: Intermediate Microeconomics Question Paper
Bcom 201: Intermediate Microeconomics
Course:Bachelor Of Commerce
Institution: Chuka University question papers
Exam Year:2013
CHUKA
UNIVERSITY
UNIVERSITY EXAMINATIONS
SECOND YEAR EXAMINATION FOR THE AWARD OF
DEGREE OF BACHELOR OF COMMERCE
BCOM 201: INTERMEDIATE MICROECONOMICS
STREAMS: BCOM Y2S1 TIME: 2 HOURS
DAY/DATE: TUESDAY 6/8/2013 2.30PM – 4.30 PM
INSTRUCTIONS:
Answer Question ONE (Compulsory) and any other TWO Questions
1. (a) Explain the law of equi-marginal utility. Show how it is modified in life due to the
influence of custom and fashion. [10 Marks]
(b) The goals of every market is to attain the Pareto optimality. The market fails due to several reasons. Explain the measures to correct the failure. [10 Marks]
(c) Economic welfare is always conceived to be part to total welfare. Discuss.
[10 Marks]
2. (a) Explain the law of variable proportions. Explain various stages of this law with
the help of a table and diagram. [10 Marks]
(b) There are many shops selling one product, prices are same and the brand too, explain what type of a market structure it is, assumptions and features.
[10 Marks]
3. (a) What is the meaning of equilibrium, explain the partial equilibrium analysis. [10 Marks]
(b) What is economic theory? Explain the various steps required to construct economic theory. [10 Marks]
4. (a) With the help of indifference curve techniques, explain any two of the following: [10 Marks]
(i) How two individuals exchanging two goods will attain maximum satisfaction?
(ii) How to measure cost of living
(iii) How a worker divides his time between work and leisure
(b) Explain production function, cost function and supply function. What is the difference?
[10 Marks]
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