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Bed1105 Introduction To Economics Reg Supp
Bed1105 Introduction To Economics Reg Supp
BAS/BDS
REGULAR
1. a) Economics is a field of study that promotes efficient use of resources for the
benefits of the society. Justify this statement clearly showing why studying it is
important by the same society (5 Marks)
3. a) Distinguish between maximum and minimum price controls and explain the
consequences of each point of controls. (10 Marks)
b) The table shows an individual demand for commodity X. Price per unit in kshs
PRICE Qd
6 65
5 70
4 80
3 90
2 100
1 115
Demonstrate the demand curve and explain relationship between the variables.
(10 Marks)
5. a) Discuss the main ideological differences between the cardinalist and ordinalist
theories on the consumer behavior. (10 Marks)
b) Using the following figures determine the revenues in the production theory.
Quantity Price TR AR MR
10 10
20 20
30 30
40 40
50 50
(10 Marks)