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Eet 100 Micro-Economics Question Paper

Eet 100 Micro-Economics

Course:Bachelor Of Commerce

Institution: Machakos University question papers

Exam Year:2013

MACHAKOS UNIVERSITY COLLEGE
(A CONSTITUENT COLLEGE OF KENYATTA UNIVERSITY)
SCHOOL OF BUSINESS
MICRO-ECONOMICS
EET 100
CAT

Instructions:
Time 1 hr
Answer all the questions.

1a)Explain the meaning of economics. (2marks)
b)Write short notes on the following terms as used in economics
I)Supply and Demand
II)Choice
III)Scarcity
IV)Opportunity cost (10 marks)

2a)Discuss the different types of elasticity of demand. (10 marks)

b)Explain the concept equilibrium price (5 marks)

3)Discuss the features of a perfect market (10 marks)

4a)By use of diagrams explains the difference between extensions/contraction and rise/fall of demand.(15marks)

b)Discuss the factors that cause a fall or rise in demand. (10marks)

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