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Microeconomics (Eco 101) (Buss 111) Question Paper

Microeconomics (Eco 101) (Buss 111)

Course:Education

Institution: Kenya Methodist University question papers

Exam Year:2012

TIME : 2 HOURS

INSTRUCTIONS
Answer any THREE questions.
Question One
Define the following terms used in Economics.
(10 Marks)
Effective demand.
Joint demand.
Income elasticity of demand.
Cross elasticity of demand.
Discuss five factors that influence demand of a product.
(10 marks)

Question Two
Explain five factors that influence the price elasticity of demand. (10 Marks)
With aid of an appropriate diagram explain how the price and output of a commodity are determined in a monopoly market.

Question Three
Explain briefly the following types of cost.
(10 Marks)
Direct cost.
Indirect cost.
Average cost.
Marginal cost.
Explain five internal economies of scale.
(10 marks)

Question Four
Explain five assumptions of perfect competition.
By use of a well labeled diagram, explain how the price and output are determined under the free market situation.

Question Five
Discuss five factors that influence decision on what goods and services to produce.
(10 marks)

i) Define the term oligopoly.
(2 Marks)

ii) Discuss four ways in which oligopoly differ from a monopoly market. (8 Marks)

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