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Eco110:Introduction To Microeconomics Question Paper

Eco110:Introduction To Microeconomics

Course:Introduction To Macro Economics

Institution: University Of Eldoret question papers

Exam Year:2009

Answer any 4questions all questions carry equal marks
1.a)Discuss the merits and the demerits of inductive and deductive methods(9marks)
b)Write short notes on
i)scarcity and choice(4marks)
ii)Opportunity cost (3marks)
iii)The production possibility frontier(3marks)
c)Discuss the concept of the law of demand (6marks)
2.a)What factors influence the supply of a commodity in the market?(5marks)
b)Explain the shape and relationship between AC,AVC,MC and AFC curves using relevant diagrams.(10marks)
c)What is the significance of the concept of elasticity in practical life(10marks)
3.a)Do you consider economics as an art or a science?Explain your answer(10marks)
b)Discuss the importance and use of microeconomics(5marks)
c)What are the limitations of microeconomics?(5marks)
d)Briefly explain the exceptions of the law of demand(5marks)
4.a)Using the indifference curve analysis demonstrates how a household''s equilibrium point is attained (8marks)
b)Define the concept of isoquants and state their properties (4marks)
c)Distinguish between perfect competition and monopolistic competition(8marks)
d)Evaluate briefly whether monopolistic competition is wasteful (5marks)
5.a)The laws of increasing returns ,constant returns and diminishing returns are the three phases of the law of variable proportions.Explain these three laws.(9marks)
b)Write short notes on the following concepts:
i)Income Consumption curve (3marks)
ii)Price Consumption curve (3marks)
iii)Marginal Rate of technical substitution (3marks)
iv)Production function and Factors of production (3marks)
v)Demand schedule and demand curves (4marks)
6.With the help of well labeled diagrams,differentiate between substitution and income effects of a price change (10marks)
b)Explain the reasons why the demand curve may shift or move along the demand curve (7marks)
c)Explain the effects on the budge line on indifference curve with
i)Change in price (4marks)
ii)Change on income (4marks)

Eco110:Introduction To Microeconomics Question Paper

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