Description

Micro Economics
September 2023 Examination

1. Complete the hypothetical table below and explain the various stages of law of variable
proportion in short run. (10 Marks)
Quantity Total Product Average Product Marginal product
1
2
3
4
5
6
10
30
48
56
56
52
Ans:
Introduction:
Variable Proportions, also called the law of Diminishing Returns, is an essential economic
concept that explains the relationship between enter portions and output degrees within the brief
run. It provides insights into how input changes affect manufacturing and highlights the
restrictions of growing inputs beyond a certain point.
In the short run, firms often function with at least one fixed input, such as capital or device,
while adjusting the amount of a variable entered, generally labor. The regulation of Variable
Proportions explores the effect of varying the quantity of the variable entry even as preserving
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2. Demand and Supply plays a vital role in the market. Describe any four
factors/determinants each that effects demand and supply. (10 Marks)
Ans:
Introduction:
Demand and supply are essential economic standards in figuring out prices, quantities, and
regular market dynamics. Demand refers to the amount of a service or product that purchasers
can purchase at a given price. At the same time, delivery represents the amount of a product or
service producers can provide at a given price. Various factors or determinants affect demand
and supply, shaping the equilibrium rate and amount in the market. This essay will discuss four
factors affecting demand and supply, highlighting their significance and effect.

3. a. Explain the types of elasticity of demand. Calculate elasticity of demand for the
following data. (5 Marks)
Price of Apple (Rs.) Quantity demanded (KGs)
20 100
21 96
Ans:
Introduction:
The elasticity of demand is an essential concept in economics that measures the responsiveness
of quantity demanded to changes in charge. It helps us understand how sensitive clients are to
price fluctuations and how it impacts their shopping behavior. Through analyzing the elasticity
of demand, economists and businesses could make informed selections regarding pricing

b. Elaborate Individual Demand, Market Demand and Derived Demand and cite an
example to enumerate these types of demand. (5 Marks)
Ans:
Introduction:
Demand is a fundamental concept in economics that refers to the desire or willingness of
customers to buy goods and services at a given price and within a selected period. It performs a
critical function in determining the quantity of a product or service offered inside the market.
Demand may be analyzed at exclusive degrees: character, marketplace, and derived demand.