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Elements Of Microeconomics Question Paper

Elements Of Microeconomics

Course: Bachelor Of Arts In Economics

Institution: Pwani University question papers

Exam Year:2012

1a)"Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses"(Robbins).Justify this statement and discuss how far this definition of economics is different from those enunciated by Marshall and other economics (13 marks)
b)Write short notes on:
i)Scarcity and choice (3 marks)
ii)Opportunity cost (3 marks)
iii)The production possibility frontier (3 marks)
iv)Demand schedule and demand curve (3 marks)

2a)Explain using diagrams the difference between a change in supply and a change in quantity supplied (5 marks)
b)Explain the reasons why the demand curve may shift or move along the curve (5 marks)
c)Discuss the major determinants of elasticity of demand (5 marks)
d)Using the indifferent curve analysis,demonstrate how a household equilibrium point is attained
e)Define the concept of Isoquents and state their properties(5 marks)

3)The laws of increasing returns,constant returns and diminishing returns are the three phases of law at variable proportions,Explain these three laws.(6 marks)
b)Write short notes on the following concepts
i)Income consumption curve(2 marks)
ii)Price consumption curve (2 marks)
iii)Marginal rate of technical substitution( 2 marks)
c)Using an illustration ,explain the meaning of market demand. ( 4 marks)
ii)What is meant by price mechanism? (3 marks)
iii)Briefly discuss price mechanism and resources allocation in both a free and controlled economy (5 marks)

Elements Of Microeconomics Question Paper

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