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Microeconomics(Buss 111) (Econ 101) (Dps 011) Question Paper

Microeconomics(Buss 111) (Econ 101) (Dps 011)

Course:Education

Institution: Kenya Methodist University question papers

Exam Year:2013

TIME : 2 HOURS

INSTRUCTIONS
Answer any three questions
Question One
Write short notes on the following
Abnormal demand curve
Joint demand
Composite demand
(6 Marks)
Discuss the assumptions and exceptions of law of demand
(7 Marks)
Discuss factors which determine the elasticity of demand
(7 Marks)

Question Two
What do you mean by market? Discuss the essentials and functions of market
(10 Marks)
What is meant by price mechanism? Discuss the advantages and disadvantages of price mechanism
(10 Marks)

Question Three
Explain the law of diminishing marginal utility. Discuss the assumptions and importance
(12 Marks)
Discuss different types of consumption
(8 Marks)

Question Four
What are the indifference curves? Discuss the properties of indifference curves.
(10 Marks)
Discuss between income and substitution effects
(10 Marks)

Question Five
Name and explain the factors of production
(8 Marks)
What are the advantages and disadvantages of division of labor
(12 Marks)

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