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Introduction To Economics(Dpba 019) Question Paper

Introduction To Economics(Dpba 019)

Course:Business Administration

Institution: Kenya Methodist University question papers

Exam Year:2011

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

Question 1
a) Define the term economics and distinguish between economics as being a positive science and a normative science (8marks)
b) Describe the following terms as used in the theory of production. Use a diagram where necessary:
i) Scale of production (4marks)
ii) Economies of scale (4marks)
iii) Isoquant curve (4marks)
c) Define the term monopoly and describe the various sources of monopoly power (10marks)

Question 2
Explain the following terms as used in the theory of demand
a) i) Market demand (3marks)
ii) Price elasticity of demand (3marks)
iii) Cross elasticity of demand (3marks)
b) Explain three factors that influence the price elasticity of demand (3marks)
c) Discuss the practical uses of the elasticity of demand (8marks)

Question 3
a) Distinguish between laws variable proportions (laws of returns and laws of returns to scale) (10marks)
b) What are the reasons for the operation of the law of diminishing returns (10marks)

Question 4
a) With the help of a diagram explain the indifference curve and show how a consumer attains equilibrium. (Consumer equilibrium) (10marks)
b) Discuss the concept of consumer surplus (5marks)
c) With the aid of a diagram explain the price consumption curve (5marks)

Question 5
a) Describe the three basic economic problems (3marks)
b) Discuss three economic systems that tries to answer the basic economic system problem (9marks)
c) The price mechanism is an efficient method of allocating resources. Discuss (8marks)

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