1. Explain how price and quantity adjust in a market following a
demand shock. Use diagram in your answer.
2. Explain the concept of elasticity of demand in relation to the
price of the good or service itself as well as in relation to other
factors that determine demand. Also explain how the elasticity
of demand varies along most demand curves and how
elasticity is related to revenue. Throughout your answers you
must use examples of numbers, diagrams and formulae to
demonstrate their application.
3. Discuss the concepts of utility; marginal utility, marginal rate of
substitution, budget constraint and constrained utility
maximisation in an integrated way using two goods, with
diagrammatic and quantitative illustrations .
(a) Analyse and explain the economic behaviour of individual
households and firms within the context of an uncertain
environment and limited information.
(b) Apply microeconomic theory to the analysis of contemporary
(c) Examine the limitations of microeconomic theory in relation
to production and consumption issues
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