Econ 100: Introduction To Economics Question Paper
Econ 100: Introduction To Economics
Course:Bachelor Of Science In Ecotourism Management
Institution: Chuka University question papers
Exam Year:2013
CHUKA
UNIVERSITY
UNIVERSITY EXAMINATIONS
SECOND YEAR EXAMINATION FOR THE AWARD OF
DEGREE IN BACHELOR OF SCIENCE ECOTOURISM MANAGEMENT
ECON 100: INTRODUCTION TO ECONOMICS
STREAMS: Y2S2 TIME: 2 HOURS
DAY/DATE: WEDNESDAY 14/8/2013 11.30 AM- 1.30 PM
INSTRUCTIONS:
• Answer Question ONE and any other TWO Questions
• Do not write anything on the Question Paper
Question One (Compulsory)
1. (a) Government from time to time restrict prices of goods and services. Illustrating your answer discuss the maximum price policy. What are the consequences of such a policy. [10 Marks]
(b) Discuss the main determinants of elasticity of demand. [10 Marks]
(c) Given the following table compute the values of Average Product (AP) and Marginal Product (MP) [10 Marks]
Variable input X Total product Average product Marginal product
1 30
2 48
3 68
4 94
5 114
Question Two
With help of a diagram, explain the short run and long run equilibrium condition for a firm operating in a perfectly competitive market. [20 Marks]
Question Three
(a) What are the characteristics and causes of monopoly? [10 Marks]
(b) Explain the assumptions and weaknesses of ordinal utility theory of consumer. [10 Marks]
Question Four
(a) Using a well labeled diagram, explain the three stages of production showing clearly the stage you would advice the firm to operate in. [10 Marks]
(b) Explain the main properties of indifference curves. [10 Marks]
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