ExamsSchool of Agricultural Sciences

National Open University Exam Past Question – AEM 751 OCTOBER/NOVEMBER 2014 EXAMINATION

NATIONAL OPEN UNIVERSITY OF NIGERIA AEM 751 MICRO ECONOMICS

14-16 AHMADU BELLO WAY, VICTORIA ISLAND LAGOS SCHOOL OF AGRICULTURAL SCIENCES OCTOBER/NOVEMBER 2014 EXAMINATION

 

COURSE CODE:  AEM 751

COURSE TITLE: MICRO ECONOMICS INSTRUCTION: ANSWER ONLY 4 QUESTIONS TIME ALLOWED: 2 HOURS

 

  1. a. Define the following short cost components:
  2. Total Cost (2marks);

 

  1. Total Fixed Cost (2marks);

 

iii. Total Variable Cost (2marks);

 

  1. iv. Isorevenue line (2marks); and

 

  1. v. Production possibility curve (2marks).

 

  1. b. What do you understand by “Market Structure”? (5marks)

 

  1. Outline any five characteristics of:

 

  1. Monopoly (5marks); and

 

  1. Perfect competition. (5marks)

 

  1. 2. a. Distinguish between market period and the short run period of a firm. (8marks).

 

  1. b. At what level of output is the long run equilibrium of the industry attained? (6marks). c. What is price discrimination? (6marks).
  2. d. Define the short run equilibrium of level output for a monopolistic competitor. (5marks).

 

 

 

 

  1. a.State any four characteristics of an indifference curve? (8marks). b. Define consumer surplus. (4marks)
  2. What is subsidy? (4marks)

 

  1. d. What is the effect of subsidy on consumer surplus? (9marks).

 

 

 

 

  1. a. Distinguish between individual and market supply curve.(12marks). b. Define equilibrium price and equilibrium quantity. (8marks).
  2. What is the effect of change in demand on the market equilibrium? (2 ½ marks)
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  1. d. What is the effect of change in supply on the market equilibrium? (2 ½ marks)

 

 

 

 

  1. 5.Define Productive Resources? (3marks)

 

  1. b. Mention the different types of Productive Resource (4marks).

 

  1. Explain briefly the various types of productive resources. (12marks)

 

  1. d. Highlight three importance of a “Model” in economic analysis? (6marks).

 

 

 

 

  1. 6. a. What is production function? (5marks).

 

  1. b. State the law of diminishing return (5marks).

 

  1. What is marginal rate of product transformation? 5marks).

 

  1. d. What do you understand by marginal rate of technical substitution? (10marks)

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