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Bcom 201: Intermediate Microeconomics Question Paper

Bcom 201: Intermediate Microeconomics

Course:Bachelor Of Commerce

Institution: Chuka University question papers

Exam Year:2013

CHUKA

UNIVERSITY

UNIVERSITY EXAMINATIONS
SECOND YEAR EXAMINATION FOR THE AWARD OF
DEGREE OF BACHELOR OF COMMERCE

BCOM 201: INTERMEDIATE MICROECONOMICS

STREAMS: BCOM Y2S1 TIME: 2 HOURS

DAY/DATE: TUESDAY 6/8/2013 2.30PM – 4.30 PM

INSTRUCTIONS:

Answer Question ONE (Compulsory) and any other TWO Questions

1. (a) Explain the law of equi-marginal utility. Show how it is modified in life due to the
influence of custom and fashion. [10 Marks]

(b) The goals of every market is to attain the Pareto optimality. The market fails due to several reasons. Explain the measures to correct the failure. [10 Marks]

(c) Economic welfare is always conceived to be part to total welfare. Discuss.
[10 Marks]

2. (a) Explain the law of variable proportions. Explain various stages of this law with
the help of a table and diagram. [10 Marks]

(b) There are many shops selling one product, prices are same and the brand too, explain what type of a market structure it is, assumptions and features.
[10 Marks]

3. (a) What is the meaning of equilibrium, explain the partial equilibrium analysis. [10 Marks]

(b) What is economic theory? Explain the various steps required to construct economic theory. [10 Marks]

4. (a) With the help of indifference curve techniques, explain any two of the following: [10 Marks]

(i) How two individuals exchanging two goods will attain maximum satisfaction?
(ii) How to measure cost of living
(iii) How a worker divides his time between work and leisure

(b) Explain production function, cost function and supply function. What is the difference?
[10 Marks]
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Bcom 201: Intermediate Microeconomics Question Paper

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