Reference no: EM132876377
1. Differentiate between partial equilibrium analysis and general equilibrium analysis as used in economics
2. Differentiate between giffen good and 'inferior good'
3. With reference to demand and supply analysis identify six effects of fixing the maximum price of a commodity below the equilibrium price
4. Outline six assumptions underlying the derivation of the demand curve
5. Outline five determinants of the elasticity of supply
6. Describe six factors that might cause a shift of the supply curve in an economy
7. Summarize five exceptions to the law of demand
8. Distinguish between 'own price elasticity of demand ' and 'cross price elasticity of demand'
9. Outline four factors that would lead to a rightward shift in the demand curve
10. Outline four factors that determine the price elasticity of demand of a commodity
11. Distinguish between a 'price ceiling ' and a 'price flour'
12. Define the term 'consumer surplus'
13. Highlight three exceptions to the law of diminishing marginal utility
14. Outline four limitations of the cardinal approach to the theory of consumer behavior
15. Outline four assumptions underlying consumer equilibrium
16. Examine five factors that are likely to influence the cost behavior of a firm
17. With the aid of appropriate diagrams describe three properties of indifference curves