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Econ 100: Introduction To Economics Question Paper

Econ 100: Introduction To Economics

Course:Bachelor Of Science In Ecotourism Management

Institution: Chuka University question papers

Exam Year:2013

CHUKA

UNIVERSITY

UNIVERSITY EXAMINATIONS
SECOND YEAR EXAMINATION FOR THE AWARD OF
DEGREE IN BACHELOR OF SCIENCE ECOTOURISM MANAGEMENT

ECON 100: INTRODUCTION TO ECONOMICS

STREAMS: Y2S2 TIME: 2 HOURS

DAY/DATE: WEDNESDAY 14/8/2013 11.30 AM- 1.30 PM

INSTRUCTIONS:

• Answer Question ONE and any other TWO Questions
• Do not write anything on the Question Paper

Question One (Compulsory)

1. (a) Government from time to time restrict prices of goods and services. Illustrating your answer discuss the maximum price policy. What are the consequences of such a policy. [10 Marks]

(b) Discuss the main determinants of elasticity of demand. [10 Marks]

(c) Given the following table compute the values of Average Product (AP) and Marginal Product (MP) [10 Marks]

Variable input X Total product Average product Marginal product
1 30
2 48
3 68
4 94
5 114

Question Two

With help of a diagram, explain the short run and long run equilibrium condition for a firm operating in a perfectly competitive market. [20 Marks]
Question Three

(a) What are the characteristics and causes of monopoly? [10 Marks]

(b) Explain the assumptions and weaknesses of ordinal utility theory of consumer. [10 Marks]

Question Four

(a) Using a well labeled diagram, explain the three stages of production showing clearly the stage you would advice the firm to operate in. [10 Marks]

(b) Explain the main properties of indifference curves. [10 Marks]
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Econ 100: Introduction To Economics Question Paper

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