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Diploma In Business Administration Economics Past Paper Question Paper

Diploma In Business Administration Economics Past Paper

Course:Diploma In Business Administration

Institution: Machakos University question papers

Exam Year:2009

Instructions:
Answer all the questions

1.Define the following concepts:
(i) Opportunity cost (2 Marks)
(ii) Choice (2 Marks)
(iii) Utility (2 Marks)
(iv) Human wants (2 Marks)
(v) Price (2 Marks)

2.(a) State the law of demand and use a graph to represent it (6 Marks)
(b) Explain any SEVEN factors that would cause a shift in demand curve for a commodity (14 Marks)

3. Discuss the concept of price elasticity of demand (20 Marks)

4.Explain in detail circumstances under which the law of demand may not hold (20 Marks)

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