EXAMSHARE

Western Delta University, Oghara Delta State

department of economics
college of social and management sciences
western delta university

first semester examination 2023/2024 session

ECO201 - Introduction to Microeconomics I time: 2hrs

Answer any three (3) questions. All questions carry equal marks

  1. Question 1

    1. Discuss the types of demand. (15 marks)
    2. Distinguish between "change in quantity demanded" and "change in demand". (8.33 marks)

  2. Question 2

    Discuss the determinants of supply. (23.33 marks)

  3. Question 3

    1. Define the term "Elasticity of demand". (8.33 marks)
    2. The quantity demanded responded by increasing from 40 units to 45 units due to a reduction in the price of a good from N68,000 to N51,000. Calculate the own price elasticity of demand and interpret your result. (15.33 marks)

  4. Question 4

    Define the following terms:
    1. Total Utility
    2. Marginal Utility
    3. Law of Diminishing Marginal Utitlity
    4. Indifference Curve
    (5.83 marks each)

  5. Question 5

    1. What do you understand by the term "Demand"? (5.33 marks)
    2. State the Laws of Demand. (4 marks)
    3. The demand function for Amala is given as: Qd = 140 - 0.02P. Where P is the price and Qd for the quantity demanded of the product. Find the quantity that would be consumed when price is (a) N1,000 (b) N1,500 (14 marks)