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Economics Question Paper

Economics

Course:Diploma In Business Administration (Business Administration)

Institution: Machakos University question papers

Exam Year:2009

MACHAKOS TECHNICAL TRAINING INSTITUTE

END OF TERM 1 EXAM-NOV 2009

ECONOMICS

DIPLOMA IN: BUSINESS ADMINISTRATION, PERSONAL MANAGEMENT, PURCHASING & SUPPLIES MANAGEMENT, MARKETING, MANAGEMENT, ACCOUNTANCY, SECRETARIAL STUDIES & COMMUNITY DEVELOPMENT. INSTRUCTIONS:

Answer all the questions

1.Define the following concepts:

(i) Opportunity cost (2 marks)

(ii) Choice (2 marks)

(iii) Utility (2 marks)

(iv) Human wants (2 marks)

(v) Price (2 marks)

2.(a) State the law of demand and use a graph to represent it(6 marks)

(b) Explain any SEVEN factors that would cause a shift in demand curve for a commodity (14 marks)

3.Discuss the concept of price elasticity of demand (20 marks)

4.Explain in detail circumstances under which the law of demand may not hold (20 marks)
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