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Illustrate and explain the short-run supply curve of a firm in perfect competition
Date posted:
February 6, 2019
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Explain why a firm in perfect competition may continue in the production of goods which it
can only sell at a loss and why it cannot continue doing this indefinitely
Date posted:
February 6, 2019
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Differentiate between economies of scale and returns to scale
Date posted:
February 6, 2019
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Write explanatory notes on the various types of internal and external economies of scale.
Date posted:
February 6, 2019
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What is meant by economies and dis-economies of scale?
Date posted:
February 6, 2019
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Using a well-illustrated diagram, show that a monopolist can make losses in the short-run even
when MC = MR
Date posted:
February 6, 2019
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Using a well illustrated diagram, explain why prices are "sticky" downwards under an
oligopolistic market structure
Date posted:
February 6, 2019
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What is "Oligopoly"?
Date posted:
February 6, 2019
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What key assumptions underlie the law of variable proportions?
Date posted:
February 6, 2019
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State the law of variable proportions
Date posted:
February 6, 2019
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Define the term "production function"
Date posted:
February 6, 2019
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What policy recommendations would you suggest to reduce regional development
imbalances if any in developing countries?
Date posted:
February 6, 2019
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State the aspects of significance of factor mobility
Date posted:
February 6, 2019
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Explain the meaning of mobility of factors of production. To what extent are factors of
production mobile
Date posted:
February 6, 2019
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What are factors of production?
Date posted:
February 6, 2019
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The utility (U) obtained by Olympia by consuming food (F) and shelter (S) is given by utility
function U = FS
Calculate the marginal rate of substitution when Olympia spends the Sh. 1,200 budget by
purchasing three units of each.
Date posted:
February 6, 2019
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If Mrs. Breader views butter and margarine as perfect substitutes, draw a set of indifference
curves that describe her preference for these two commodities
Date posted:
February 6, 2019
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State the law of diminishing marginal utility
Date posted:
February 6, 2019
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Explain any four uses of indifference curve analysis
Date posted:
February 6, 2019
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Briefly explain two exceptions to the definition of an indifference curve.
Date posted:
February 6, 2019
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Explain the main characteristics of indifference curves
Date posted:
February 6, 2019
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What is an indifference curve?
Date posted:
February 6, 2019
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Illustrate and explain Consumer equilibrium under the ordinalist approach
Date posted:
February 6, 2019
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Illustrate and explain Consumer equilibrium under the cardinalist approach
Date posted:
February 6, 2019
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Define marginal utility and clearly explain the oxiom of diminishing marginal utility.
Date posted:
February 6, 2019
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If there is a successful advertising campaign that convinces consumers to buy more of
commodity Y, what would the effect of this be on consumption of commodities X and Z?
Date posted:
February 6, 2019
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What type of goods are X, Y, Z & W and why?
Date posted:
February 6, 2019
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With the aid of diagrams, explain the importance of the concept of elasticity of supply.
Date posted:
February 6, 2019
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Compute the point elasticity of demand and the point elasticity of supply at the equilibrium position.
Date posted:
February 6, 2019
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Identify which of the two functions is a demand and a supply function
Date posted:
February 6, 2019