Micro-Economics(Buss 111) Question Paper

Micro-Economics(Buss 111)

Course:Business Administration

Institution: Kenya Methodist University question papers

Exam Year:2010

TIME : 2 HOURS
INSTRUCTIONS Answer Question ONE and any Other TWO Questions

Question 1
a) State and explain any six factors that would influence the demand of a commodity in the market. (12 marks)
b) Describe the four characteristics of an Indifference curve. (8 marks)
(c) Briefly explain the following concepts as used in economics.
i) Scarcity (2 marks)
ii) Opportunity cost (2 marks)
iii) Utility (2 marks)
iv) Veblen good (2 marks)
v) Giffen good (2 marks)

Question 2
a) Briefly explain the Maximum Price Policy. (7 marks)
b) Define disequilibrium and explain how adjustment in the prices can correct such a disequilibrium in the market. (7 marks)
c) Examine the following cost concepts:
i) Fixed cost (2 marks)
ii) Marginal cost (2 marks)
iii) Sunk cost (2 marks)

Question 3
Outlining the characteristics, describe the Short-run and Long-run Equilibrium of Monopolistically Competitive firm and explain why firms in this structure are not regulated despite their inefficiencies. (20 marks)

Question 4
a) Examine six features of a Pure Competitive firm. (9 marks)
b) Describe the Long-run equilibrium of a Pure Competitive firm and explain the two types of efficiencies associated with the firm. (11 marks)

Question 5
a) What is a Cartel? (2 marks)
b) Distinguish between Private and Public Cartel. (2 marks)
c) Examine any four factors that facilitate the formation of Cartels. (8 marks)
d) Explain any four (4) sources of Monopoly Power. (8 marks)

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