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Exam (elaborations) BEC 3101 Microeconomics
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Recent micro economics exam test
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Summary Principles of Microeconomics
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Summary of the book 'microeconomics' by Pindyck & Rubinfeld
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MERU UNIVERSITY OF SCIENCE AND TECHNOLOGYP.O. Box 972-60200 – Meru-Kenya
Tel: +254(0) 799 529 958, +254(0) 799 529 959, + 254 (0) 712 524 293,
Website: info@must.ac.ke Email: info@must.ac.ke
University Examinations 2018/2019
FIRST YEAR FIRST SEMESTER EXAMINATION FOR THE DEGREE OF BACHELOR
OF COMMERCE, BACHELOR OF BUSINESS ADMINISTRATION, BACHELOR OF
ECONOMICS, BACHELOR OF SCIENCE IN STATISTICS, BACHELOR OF SCIENCE IN
ACTURIAL AND BACHELOR OF EDUCATION ARTS
BEC 3101: PRINCIPLES OF MICRO-ECONOMICS
DATE: SEPTEMBER 2019 TIME: 2 HOURS
INSTRUCTIONS: Answer question one and any other two questions
QUESTION ONE (30 MARKS)
a) Explain the following concepts in as used in economics
i. Production possibility curve (4 marks)
ii. Scarcity and choice (2 marks)
iii. Ordinal and cardinal utility approach (2 marks)
b) Explain the factors that limit consumer sovereignty (5 marks)
c) Explain the features of free market system (5 marks)
d) You are given the following information regarding a certain firm with labour as the
only variable input in the production of output
Labour Total product
(L) (TP)
0 -
1 100
2 220
Meru University of Science & Technology is ISO 9001:2015 Certified
Foundation of Innovations Page 1
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