Kasneb Question Paper

Kasneb

Course:Economics

Institution: Kasneb question papers

Exam Year:2006

(a) There are 10,000 identical consumers in the market for commodity x, each with a demand function given by Qdx = 12 – 2Px and 1,000 identical producers of commodity x, each with a function given by Qsx = 20Px.

where: Qdx is the quantity demanded of commodity x.

Qsx is the quantity supplied of commodity x.

Px is the price of commodity x.

Required:
(i) Obtain the market demand and the market supply functions of
commodity x. (3 marks)

(ii) Obtain market demand and market supply schedules of commodity x and determine the equilibrium price and equilibrium quantity. (4 marks)

(b) Illustrate with a diagram and explain the concept of the circular flow of
income. (8 marks)
(Total: 20 marks)

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