Pass Year Exam Microeconomics1

8/12/2019 Pass Year Exam Microeconomics1

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Microeconomics

C1

Dec 2012 Q2Differentiate between positive economics and normative economics. (4 marks)

Expain t!e reations!ip between scarcit" and opport#nit" cost. ($ marks)

Sept 2011 Q2 (c)Distin%#is! t!e foowin% terms&

i) 'orma and inferior %oods (4 marks)

ii) ositive and normative economic statements (4 marks)

iii) icroeconomics and macroeconomics (4 marks)

Jan 2011 Q2 (b)

(b) Distin%#is! between&

i) *ociaism and capitaism.

ii) rice ceiin% and price foor.

iii) ositive economics and normative economics. (12 marks)

April/May 2010/20 11 Q2

(a) Distinguish between positie econo!ics" an# nor!atie econo!ics"$ (% !ar&s)

*ept 2010+20 11 Q2(a) 'riely eplain the #ierence between positie econo!ics" an# nor!atie

econo!ics"$ (* !ar&s)

April/May 200 + /20 10 Q2

(b) Differentiate between ,positive economics- and ,normative economics-. ($

marks)

January 200 + /20 10 Q2(b) Distin%#is! between&

(i) ositive economics and normative economics. (4 marks)

(ii) icroeconomics and macroeconomics. (4 marks)

*ept 200 +20 10 Q2(c) Define t!e foowin% economic concepts&

(i) *carcit".

(ii) icroeconomics.

(iii) ositive economics. ($ marks)

May 200,/0+ Q2


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b) Distinguish between -positie. an# -nor!atie. econo!ies$ (% !ar&s)

January 200/200,b) Distinguish between -positie econo!ics. an# -nor!atie econo!ics.$ (% !ar&s)

eb 200,/200+a) Distinguish between -!icroecono!ics. an# -!acroecono!ics.$ ( !ar&s)


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C1

/pri2012 Q#estion 2

(a) it! exampes describe t!e FOUR (4)reso#rces #sed to prod#ce %oods and services.

(12 marks)

Jan 2011 Q2 (a)(b) ist and describe an" TWO (2)t"pes of reso#rces. (3 marks)

April/May 2010/20 11 Q2(b) ist the FOUR (4)actors o pro#uction$ (* !ar&s)

Sept 2010/20 11 Q2(b) 3ith ea!ples4 briely #escribe the ollowing actors o pro#uction5

(i) an# (6 !ar&s)(ii) abour (6 !ar&s)(iii) 7apital (6 !ar&s)

Jan 200 + /20 10 Q2(a) Describe t!e FOUR (4)reso#rces #sed to prod#ce %oods and services. ( marks)

*ept 200 +20 10

(a) ist and describe t!e FOUR (4)cate%ories of reso#rces. (marks)

April/May 200 + /20 10(a) 5rief" describe t!e FOUR (4)cate%ories of economic reso#rces. (12 marks)

April/May 200,/200+#) Distinguish between -labour. an# -entrepreneurship.$ (% !ar&s)

Jan 200,/200+c) Describe the 89: (*) types o actors o pro#uction$ (, !ar&s)

April/May 200/200,b) -;enerally4 econo!ists #ii#e resources into 89: (*) broa# categories.$


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C1

Dec 2012 Q2

6sin% a bow7o#tward prod#ction possibiities frontier (8) c#rve i#strates and identif" t!e

foowin% events&

(i) /n advancement in tec!noo%"9 (3 marks)

(ii) / decrease in nat#ra reso#rces9 (3 marks)

(iii) / %rowt! in abo#r force. (3 marks)

April2012 Q2

Differentiate between t!e strai%!t7ine and bowed7o#tward prod#ction possibiities frontier (8).

Sept 2011 Q2 (a) = (b)(a) Define prod#ction possibiit" frontier (8). (4 marks)

(c) Define t!e term ,an advance in tec!noo%"-. 6sin% a dia%ram describe t!e effect of an

advance in tec!noo%" on t!e prod#ction possibiit" frontier. ($ marks)

(d) Expain t!e term increasin% opport#nit" cost. (: marks)

Jan 2011 Q2 (c)(c)6sin% a prod#ction possibiit" c#rve (8) distin%#is! between prod#ctive efficienc"

and prod#ctive inefficienc". ( marks)

April/May 2010/20 11(#) 9sing an appropriate #iagra!4 eplain the concept o opportunity cost$ (+ !ar&s)

Sept 2010/20 11(c) Define rod#ction ossibiit" 8rontier (8). (: marks)

Sept 200 + /20 10

(b) ;!e tabe beow s!ows efficient combinations of two %oods comp#ters and cars

t!at an econom" can prod#ce&

Combination Computer (units) Car (units)/ 400 0

5 :00 20

< 200 40

D 100 $0

E 0 0

(i) Define prod#ction possibiities frontier (8). (: marks)


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(ii) 5ased on t!e tabe above pot a 8 dia%ram for t!e econom". (: marks)

(iii)


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/pri 2012

Expain t!e foowin% concepts&

(i) *carcit"9 (: marks)

(ii) ?pport#nit" cost9 (: marks)

(iii) rod#ctive efficienc". (: marks)

*ept 2010+2011

(d) Expain t!e foowin% concepts&

(i) *carcit" (: marks)

(ii) ?pport#nit" costs (: marks)

(iii) Exc!an%e (: marks)

Jan 200 + /20 10

(c) 6sin% prod#ction possibiit" frontier (8) dia%rams expain t!e foowin% concepts&

(i) rod#ction efficienc". (: marks)

(ii) rod#ction inefficienc". (: marks)

(iii) Economic %rowt!. (:

marks)

April/May 200/200,a) 9sing the pro#uction possibilities rontier (>>) ra!ewor&4 eplain the ollowing

econo!ic concepts5i) Scarcity (* !ar&s)ii) 8pportunity cost (* !ar&s)iii) >ro#uctie eiciency (* !ar&s)i) >@ (* !ar&s)

c) 'ase# on the theory o opportunity cost4 #istinguish between a straight line an#bowe# outwar#s >>@ (% !ar&s)

.


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C2

Dec 2012 Q:

Distin%#is! between a c!an%e in demand and a c!an%e in @#antit" demanded. ($ marks)

Jan 2011 Q6 (a)Expain t!e difference between aw of demand and aw of s#pp". ($ marks)

April 2010/20 11 Q6

(a) Dierentiate between change in Buantity #e!an#e#" an# change in #e!an#"$(, !ar&s)

Sept 2010/2011 Q6(a) Expain t!e difference between t!e aw of demand and t!e aw of s#pp". ($ marks)

Sept 200+/2010

(a) Define t!e aw of demand. (: marks)

(b) it! t!e aid of a dia%ram brief" expain t!e differences between a movement

aon% t!e demand c#rve and a s!ift in t!e demand c#rve. ( marks)

April 200 + /20 10 Q6(b) Distin%#is! between ,a c!an%e in demand- and ,a c!an%e in @#antit" demanded-. ($

marks)

January 200 + /10(a) Define&

(i) aw of demand (: marks)

(ii) aw of s#pp" (: marks)

April 200 + /20 10(a) Define ,aw of s#pp"-. (2 marks)

April 200,/200+a) Deine the

(i) aw o #e!an#(ii) aw o supply ( !ar&s)


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April 20 12 Q6Describe an" FOUR (4)factors t!at ca#se a s!ift in t!e demand c#rve. ( marks)

April 200/0,Q6) Describe THREE (3) reasons why a #e!an# cure is #ownwar# sloping$

(, !ar&s)

Sept 200%/200Q*#) 'ase# on the law o #i!inishing !arginal utility4 eplain the law o #e!an#$

(+!ar&s)

January 200%/0a) 'riely eplain any C< () actors shit o #e!an# cure$ (10 !ar&s)


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C2Sept 200/200% Q6a) 'riely eplain C


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C2 Q3

April 2012 Q6Expain an" TWO (2)factors t!at ca#se t!e s#pp" c#rve to sope #pward.

Sept 200,/200+6b) 3hat is the !ain reason or a supply cure to slope upwar#@ (% !ar&s)

January 200 + /10(b) Distin%#is! between a c!an%e in s#pp" and a c!an%e in @#antit" s#ppied. ($ marks)

April 200,/200+a)


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C2 Q3

Dec 2012 Q:

Adentif" t!e impact on t!e e@#iibri#m price and @#antit" in s#%ar market for t!e foowin%

events&

(i) Bovernment red#ces s#bsidies for s#%ar. (4 marks)

(ii) 5#"ers expect !i%!er f#t#re price. (4 marks)

(iii) ;!ere is a rise in t!e incomes of cons#mers and s#%ar is ass#med as an inferior

%ood. (3 marks)

Sept 2011 Q6 (b)

(a) 6sin% demand and s#pp" c#rves expain t!e effects on t!e e@#iibri#m price and

@#antit"

for eac! of t!e foowin% events&

i)


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(ii) An increase in the nu!ber o sellers$ (6 !ar&s)

Sept 200+/2010(c) 6sin% demand and s#pp" c#rves expain w!at mi%!t !appen to t!e e@#iibri#m price and

@#antit" in eac! of t!e foowin% sit#ations&

(i) /n increases in t!e n#mber of b#"ers. (4 marks)

(ii) /n advance in tec!noo%". (4 marks)

Jan 200 + /20 10(c) 6sin% demand and s#pp" c#rves expain w!at mi%!t !appen to t!e e@#iibri#m price and

@#antit" in eac! of t!e foowin% sit#ations&

(i) /n increases in t!e n#mber of seers. (4 marks)

(ii) 5#"ers w!o expect a price to be !i%!er in next mont!. (4 marks)

April 200 + /20 10(c) Expain w!at mi%!t !appen on t!e demand for prod#ct / in eac! of t!e foowin%

sit#ations&

(i) /n increases in income and prod#ct / is a norma %ood. (: marks)

(ii) 5#"ers expected a ower price for prod#ct / in next mont!. (: marks)

(iii) / decrease in t!e price of a cose s#bstit#te for prod#ct /. (:marks)

Sept 200,/200+b) 9sing #e!an# an# supply cures4 i#entiy the eects on eBuilibriu! price an#

Buantity o #o!estic cars or each o the ollowing eents5

i) An increase in the price o petrol ( !ar&s)ii) ;oern!ent increases i!port ta on i!porte# cars ( !ar&s)iii) Do!estic car pro#ucers Foint enture with oreign pro#ucers an# share

&nowle#ge to re#uce cost$ ( !ar&s)

May 200,/200+a) 9sing #e!an# an# supply cures4 #escribe how each o the ollowing eents will

aect the eBuilibriu! price an# Buantity o petrol$

(i) ;oern!ent re#uces the subsi#ies or petrol$ (* !ar&s)(ii) An increase in the #e!an# or ehicles$ (* !ar&s)

Jan 200,/200+a) 9sing #e!an# an# supply cure4 state the eects on the eBuilibriu! price an#

Buantity o ha!burgers or each o the ollowing cases5(i) 7osts o pro#uction or ha!burgers #ecrease$ (6 !ar&s)(ii) An increase in inco!e an# ha!burgers are nor!al goo#s$ (6 !ar&s)(iii) An increase in taes on the pro#uction o ha!burgers$ (6 !ar&s)


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Sept 200/200,b) 9sing #e!an# an# supply cures4 i#entiy the eects on eBuilibriu! price an#

Buantity in the M>6 player !ar&et or each o the ollowing eents5

i) An increase in the price o an M>6 #ownloa# (* !ar&s)

ii) An increase in the nu!ber o ir!s pro#ucing M>6 players (* !ar&s)iii) A #ecrease in consu!ers" inco!e i M>6 players are nor!al goo#s$ (* !ar&s)

April 200/0,Q6) 9sing #e!an# an# supply cures i#entiy the eects on the eBuilibriu! price an#

Buantity o a goo# or each o the ollowing eents$

i) C!proe!ent in pro#uction !etho# o the goo#$ (* !ar&s)ii) A #ecrease in the price o a close substitute$ (* !ar&s)

Sept 200%/200

a) 9sing #e!an# an# supply cures4 i#entiy the eects on eBuilibriu! price an#Buantity in the M>6 player !ar&et or each o the ollowing eents5

i) De!an# alls by the sa!e a!ount as supply rises$ 6 !ar&sii) De!an# rises by !ore than supply alls 6 !ar&siii) De!an# rises by less than supply rises$ 6 !ar&s


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C2

Dec 2012 Q6Disc#ss an" THREE (3)ne%ative effects of a price ceiin%. ($ marks)

Sept 2011 Q6 (a)Expain t!e difference between s!orta%es and s#rp#ses. ($ marks)

Sept 2010/2011 Q6

(b) !at is price ceiin%> Describe an" TWO (2)effects of a price ceiin% on t!e market.

(C marks)

Sept 200%/200b) Distinguish between price ceiling an# price loor$ (* !ar&s)

c) 'riely eplain any 89:(*) eects that !ay arise ro! a price ceiling$(12 !ar&s)


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C2Jan 2011 Q6 (c)6sin% t!e midpoint form#a cac#ate t!e price easticit" of demand if t!e price fas from

$ to 4 and @#antit" increases from 0 #nits to 0 #nits. (4 marks)

April 2010/20 11 Q6

(c) rice elasticity o #e!an# (6 !ar&s)(ii) 7ross elasticity o #e!an# (6 !ar&s)(iii) Cnco!e elasticity o #e!an# (6 !ar&s)

Sept 2010/2011 Q6#) 9sing the !i#point or!ula4 calculate the price elasticity o #e!an# i the price

#ecreases ro! :M% to :M* an# Buantity increases ro! ,0 units to +0 units$(6 !ar&s)

Sept 200,/200+ Q6a) 9sing ea!ples4 briely #escribe how the #einition o a goo# #eter!ines its price

elasticity o #e!an#$ (% !ar&s)

b) Assu!e a ta o :M 1 is place# on ;oo# A$ 9sing #e!an# an# supply cures4i#entiy an# eplain whether the buyer or the seller o ;oo# A will hae to pay theull ta i the #e!an# cure o ;oo# A is perectly inelastic$ (10 !ar&s)

Jan 200+/2010 Q6(d) *#ppose a seer increases t!e price of cakes from 10 to 12. ;!is ca#ses t!e

@#antit" demanded to fa from 30 #nits to 300 #nits

(i) 6sin% t!e midpoint approac! cac#ate t!e price easticit" of demand for

cakes. (: marks)(ii) Af t!e seers obective is to increase tota reven#e s!o#d !e increase t!e

price> !"> (2 marks)

Sept 200/200,b) A newspaper recently re#uce# its price ro! :M 1$20 to :M1$ As a result4 the

nu!ber o newspapers sol# increase# ro! 2*04000 to 6004000 copies$i) 7alculate the newspaper"s elasticity o #e!an#$ (* !ar&s)

ii) 'ase# on the answer aboe4 #o you thin& the #ecision to re#uce the priceo the newspaper is rational@ (6 !ar&s)

Jan 200%/200c) Suppose an iceGcrea! seller increases the price o iceGcrea! ro! :M1$00 to

:M1$0 per cone an# this causes the Buantity #e!an#e# to all ro! 0 cones to*0 cones$


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i$ 9sing the !i#point approach4 calculate the price elasticity o #e!an# or iceGcrea!$ (6 !ar&s)

ii$ C the seller"s obFectie is to !ai!ise total reenue4 shoul# he increase the pricero! :M1$00 to :M1$0@ 3hy@ (2 !ar&s)

Sept 200*/200a) Deine price elasticity o #e!an# an# show the or!ula use# to calculate it$

( !ar&s)b)


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72

April 2012 Q 6 (c)Disc#ss an" THREE (3)determinants of price easticit" of demand. ( marks)

Sept 2011 Q2 (c)

5rief" expain an" THREE (3)determinants of price easticit" of demand. ($ marks)

Jan 2011 Q6 (#)(d) Describe an" ONE (1)determinant of price easticit" of demand. (: marks)

Sept 200+/2010 Q6

(e) 5rief" expain an" TWO (2) determinants of price easticit" of demand.

($ marks)

April 200 + /20 10 Q6

(d) 5rief" expain an" FOUR (4) factors t!at determine t!e easticit" of demand.

( marks)

April 200,/200+ Q6c) (i) Deine price elasticity o #e!an#$ (* !ar&s) (ii) 'riely eplain any H?:


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#e!an# o s!o&ers is 0$*4 by how !uch shoul# the goern!ent increase theprice in or#er to achiee its 0E target@ (* !ar&s)


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C2April/May ea!ination4 200/200, Q6

#) Describe the relationship between price elasticity o #e!an# an# total reenue$(+ !ar&s)

e)Sept 200*/200c) C a pro#uct has an elastic #e!an#4 a rise in the price will re#uce the total

reenue o the ir!$"


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C2

April 2012 Q6Expain cross easticit" of demand. (4 marks)

Sept 2011 Q6 (#)Distin%#is! between ne%ative and positive cross easticit" of demand. (3 marks)

Jan 2011 Q6 (c)/ss#me t!at t!e price of Bood 5 !as risen b" 10 percent and t!e @#antit" demanded of Bood /

decreases b" 20 percent.


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C2April 200/200% Q6a) Suppose that when Leith"s inco!e increases ro! :M2,4000 to :M604000 per year4

his purchases o goo# A increase ro! * units to units$i$ 7alculate the coeicient o inco!e elasticity o #e!an#$ (* !ar&s)ii$ Cnterpret the alue o the coeicient aboe$ (6 !ar&s)

C2Sept 200/200%c)


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C3

Sept 2011 Q* (a)(a) Define t!e aw of diminis!in% mar%ina #tiit". (4 marks)

Jan 2011 Q* (a)(b) Distin%#is! between tota #tiit" and mar%ina #tiit". (4 marks)

April 2010/20 11 Q*(a) Deine -consu!er eBuilibriu!.$ ( !ar&s)

Sept 2010/20 11 Q*

(a) Deine consu!er eBuilibriu!"$(6 !ar&s)

Sept 200 + /20 10 Q*(a) Define t!e aw of diminis!in% mar%ina #tiit". (: marks)

(b) 5rief" expain t!e difference between tota #tiit" and mar%ina #tiit". (4 marks)

Jan 200 + /20 10 Q*(a) 5rief" expain t!e foowin% terms&

(i) ;ota #tiit". (: marks)

(ii) ar%ina #tiit". (: marks)

April 200 + /20 10 Q*(a) Define ,aw of diminis!in% mar%ina #tiit"-. (: marks)

Jan 200,/200+ Q*#) Describe the ollowing ter!5

(i) Hotal utility$ (2 !ar&s)(ii) Marginal utility (2 !ar&s)

(b) ;!e tabe beow s!ows t!e mar%ina #tiit" and tota #tiit" eno"ed b" a cons#mer as !e

cons#mes different @#antities of a %ood.


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Sept 200%/200b) 7alculate the !arginal utility in the ollowing table$ * !ar&s

;oo# (units) Hotal 9tility (units) Marginal 9tility ( units)

1 10

2 1,

6 2** 2,


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C 3

Sept 200/200, Q*c) Dierentiate between inco!e eect. an# -substitution eect. (% !ar&s)


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C3Septe!ber 200/200,c)


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C3Septe!ber 200 + /20 10 Q*(c) ;!e tabe beow s!ows t!e mar%ina #tiit" of %ood / %ood 5 and %ood < for 5ett".

6nit of %oods ar%ina 6tiit" for

%ood /

(6/)

ar%ina 6tiit" for

%ood 5

(65)

ar%ina 6tiit" for

%ood > o labour an# M7$ ( !ar&s)

Sept4 200/200, Q*b) -Marginal cost (M7) is a relection o !arginal physical pro#uct (M>>) o the

ariable input.$


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C4

Dec 2012 Q4

Units

of

labour

Total

ro!u"t

(T)(Units)

#ar$inal

ro!u"t

(#)(Units)

Total

%ariable

Cost (T%C)(R#)

Total

Cost

(TC)(R#)

&'era$e

Total Cost

(&TC)(R#)

#ar$inal

Cost

(#C)(R#)

0 0 7 0 12 7 7

1 $ $ : :

2 13 $

: 21

4 24 12

3 2$ 13 :

5ased on t!e tabe above&

(i)


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(iii) /vera%e tota cost (/;


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C4

Dec 2012 Q*5rief" describe ,s#nk cost- wit! an exampe. (4 marks)

Jan 2011 Q* (#)

(e) Define s#nk cost. (: marks)

Apr 200/200,5 Q*(b)

b) 3ith ea!ple4 briely #escribe -sun& cost.$ (% !ar&s)


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C4 LRATC

Sept 2011 Q* (c)Define t!e foowin% terms&

ii) Diseconomies of scae (4 marks)

Jan 2011 Q* (c)Differentiate between&

ii) Economies of scae and diseconomies of scae. ($

marks)

Sept 2010/20 11 Q*

(c) 9sing a ong :un Aerage Hotal 7ost (:AH7) #iagra!4 briely eplainecono!ies o scale"4 constant returns to scale" an# #isecono!ies o scale"$(10 !ar&s)

Sept 200 + /20 10 Q*(e) Define on% r#n avera%e tota cost (/;


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Sept 200*/200 Q*Q4a)


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C5Sept 2011 Q (a)Distin%#is! between prod#ctive and reso#rce aocative efficiencies. ($ marks)

Sept 2010/2011 Q

(b)


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C5Apr 2010/20114 Q

(a) Hhe ollowing table shows the reenue an# cost o a ir! at the arious Buantitieso output5

Q#$n%i%&

o'o#%

#%

To%$! Cos%(RM)

To%$!Reen#e

(RM)

M$rin$!Cos%(RM)

M$rin$!Reen#e

(RM)

0 10 0 G G

1 60 %02 %0 110

6 100 10

* 10 1,0 1+0 200% 220 210

(i) 7alculate the !arginal cost an# !arginal reenue o the ir! at each leelo output$ (%!ar&s)

(ii) 3hat Buantity o output shoul# the ir! pro#uce@


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2$ ;ien the ollowing inor!ation4 i#entiy whether the ir! shoul# shut #own orcontinue to operate in the shortGrun$

i) 8utput P 100 unitsN >rice P :M10N Aerage ie# cost (A7) P :M6NAerage ariable cost (A7) P :M* (* !ar&s)

ii) 8utput P 0 unitsN >rice P :MN Aerage ie# cost (A7) P :M2N Aerage

ariable cost (A7) P :M (* !ar&s)


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C5Sept 2010/2011 Q

(a) 'riely eplain any THREE (3)assu!ptions o !onopoly$ (% !ar&s)

(c) Describe any THREE (3)types o barriers to entry that create the con#itions or

!onopoly$ (+ !ar&s)

Jan 200 + /20 10 Q

(b) Expain an" THREE (3)t"pes of barriers to entr" in a monopo". ( marks)

Jan 200,/200+ Qa) 'riely eplain any H?:


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C5

Dec 2012 QDefine price discrimination. 5rief" expain THREE (3)t"pes of price discrimination.

Sept 2011 Q (c)Describe t!e THREE (3)t"pes of price discrimination. ( marks)

April 2010/2011 Q

(b) (i) Deine price #iscri!ination$ (6 !ar&s)

(ii) Describe the THREE (3)types o price #iscri!ination$ (+ !ar&s)

Sept 200 + /20 10 Q(b) (i) Define price discrimination. (: marks)

(ii) 5rief" expain t!e THREE (3) conditions re@#ired to practice price

discrimination. ($

marks)

April 200,/200+ Qa) Deine price #iscri!ination$ 3hat are the three (6) necessary con#itions that

!ust be !et beore a ir! can practise prise #iscri!ination@ (+!ar&s)

Sept 200/200, Qb) Deine price #iscri!ination$ 'riely eplain H?:


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C5

Dec 2012 Q


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C5

/pri 2012 Q3Expain an" THREE (3)c!aracteristics of an oi%opoist. ( marks)

Jan 2011 Q (b)Expain t!e THREE (3)c!aracteristics of an oi%opoistic market. ($ marks)

April 200,/200+ Q(c) State any THREE (3)characteristics o an oligopoly !ar&et$ (6

!ar&s)

Sept 200,/200+ Qb) State an# briely eplain any 89: (*) characteristics o an oligopoly !ar&et$

(,!ar&s)


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C5

Jan 2011 Q (a)Distin%#is! between&

i) =omo%eneo#s and differentiated prod#cts. (3 marks)

ii) rice taker and price searc!er. (3 marks)

Sept 2010/20 11 Q

(#) 'riely eplain the ollowing concepts5

(i) >rice #iscri!ination (2 !ar&s)(ii) >rice ta&er (2 !ar&s)

Sept 200 + /20 10 Q(d) Differentiate between price taker and price searc!er. (4 marks)

Jan 200 + /20 10 Q(c) Define t!e foowin% terms&

(i) rice taker. (: marks)

(ii) rofit maximiHation r#e. (: marks)

(iii) rod#ctive efficienc". (4 marks)

C5Sept 200*/200 Q

$b) 9n#er which !ar&et classiication #oes each o the ollowing !ost accurately it@Cn each case Fustiy your classiication$i) Durian seller in L (6 !ar&s)ii) Hhe water supply co!pany in Selangor$ (6 !ar&s)iii) A sha!poo !anuacturer in >ulau >inang (6 !ar&s)i) Hhe car in#ustry$ (6 !ar&s)


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C

Dec 2012 Q3

Define t!e foowin% terms&

(i) ar%ina 8actor

Pass Year Exam Microeconomics1

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