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Buss 111: Micro Economics Question Paper

Buss 111: Micro Economics

Course:Education

Institution: Kenya Methodist University question papers

Exam Year:2012

KENYA METHODIST UNIVERSITY
END OF 1''st ''TRIMESTER 2012 EXAMINATIONS
FACULTY : EDUCATION AND SOCIAL SCIENCES
DEPARTMENT : EDUCATION
UNIT CODE : BUS 111
UNIT TITLE : MICRO ECONOMICS
TIME : 2 HOURS

INSTRUCTIONS
Answer any four questions
Question One
Define :-
Economics
(2 marks)
Normative Science
(2 Marks)
Discuss what an economic model is.
(6 Marks)
What do you understand by the term equilibrium?
(2 Marks)
Explain what socialism is.
(3 Marks)
Question Two
Discuss the concept of consumer surplus.
(6 Marks)
What is a budget-line and what is its importance.
(3 Marks)
What are indifference curves and what do they measure.
(4 Marks)
Explain what consumer equibrium is.
(2 Marks)
Question Three
Define elasticity of demand.
(2 Marks)
Explain the law of demand.
(2 Marks)
State the law of supply.
(2 Marks)
Explain the four factors causing changes in demand.
(8 Marks)
When is elasticity of demand perfectly inelastic?
(1 Mark)
Question Four
Explain the concept of opportunity cost.
(3 Marks)
Define total variable costs.
(2 Marks)
Explain the four factors of production.
(8 Marks)
Explain what a firm can do to increase its production in short run.
(2 Marks)
Question Five
What do you understand by internal economies?
(2 Marks)
Explain what is public sector undertakings.
(2 Marks)
Define the law of diminishing returns.
(2 Marks)
What is a cartel?
(3 Marks)
Explain the barometric price leadership model.
(4 Marks)
Differentiate between duopoly and oligopoly.
(2 Marks)
Question Six
Explain three types of price discrimination.
(6 Marks)
Using a diagram, explain the three stages of law of returns to scale.
(9 Marks)

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