T.U B.A 1st year Economics Question paper
Eco 421 ( 2080 paper)
Attempt any two questions from group A and four from group B
Group A ( Long question answer) 30 marks
Define Microeconomics. Briefly explain micro static, comparative micro static and micro dynamic.
Define an indifference curve. Explain the consumer's equilibrium under the indiffernce curve approach.
How are price and output determined in a monopoly market in both short-run what and long run?
Group B (short question answer) 40 marks
Define elasticity of demand and explain the different types of income elasticity of demand.
How can the short run supply curve of a firm be derieved in a perfectly competitive market?
What is short run production function? Explain the law of variable proportion.
Derive the demand curve for a single variable input and multiple variable inputs in a competitive market.
Define interest. Briefly explain the liquidity preference theory of interest.
Distinguish between partial and general equilibrium with examples.