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Microeconomics Exam Questions: Demand, Supply, and Market Equilibrium, Schemes and Mind Maps of International Relations

National Economics University (NEU)International Relations

This exam paper from cardiff school of management covers key microeconomic concepts. It includes questions on cross elasticity of demand, market equilibrium, welfare loss, monopolist profit maximization, perfectly competitive firms, cost curves, and marginal/average product of labor. The exam requires students to apply microeconomic principles to solve problems and analyze economic scenarios, providing a comprehensive assessment of their understanding of microeconomic theory and its applications. Useful for university students studying economics, business, or related fields, offering valuable practice and insights into exam-style questions and topics. It serves as an excellent resource for exam preparation and deepening understanding of microeconomic concepts.

Typology: Schemes and Mind Maps

2023/2024

Uploaded on 06/04/2025

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than-thi-thu-uyen 🇻🇳

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CARDIFF SCHOOL OF MANAGEMENT
Module Title: The Economy: Microeconomics
Module Number: BEC4001
Examination Period: January 2020
Examination Duration: 2 hours
INSTRUCTIONS:
1. This is a closed book examination.
2. Non-programmable calculators are allowed.
3. Answer all questions.
4. Workings must be shown to gain full mark allocation. Label every
part/sub-part, diagram of the question you are answering.
5. A total of 50 marks is available.
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Download Microeconomics Exam Questions: Demand, Supply, and Market Equilibrium and more Schemes and Mind Maps International Relations in PDF only on Docsity!

CARDIFF SCHOOL OF MANAGEMENT

Module Title: The Economy: Microeconomics

Module Number: BEC400 1

Examination Period: January 2020

Examination Duration: 2 hours

INSTRUCTIONS:

1. This is a closed book examination.

2. Non-programmable calculators are allowed.

3. Answer all questions.

4. Workings must be shown to gain full mark allocation. Label every

part/sub-part, diagram of the question you are answering.

5. A total of 5 0 marks is available.

Answer all questions QUESTION 1 a) Define Cross Elasticity of Demand. Derive the Cross Elasticity of Demand from its definition. (no differentiation techniques required). (5 marks) b) What sign would you expect for the cross elasticity of a substitute? Why? (5 marks) Total: 10 marks QUESTION 2 a) Suppose the demand function is given by p=100- 2 q and the supply function is given by p= 50 + 3 q where p is price and q is quantity. Compute the market equilibrium p and q. (5 marks)

QUESTION 4

Using a diagram, show the case of a perfectly competitive firm. Total: 5 marks QUESTION 5 a) Discuss the shape of the short-run average cost and marginal cost curves. (5 marks) b) Explain why the marginal cost curve intersects the average cost curve at the minimum of average cost. (5 marks)

Total: 10 marks QUESTION 6 Number Of Workers Output 0 0 1 50 2 110 3 300 4 450 5 590 6 665 7 700 8 725 9 710 10 705 The table above shows the weekly relationship between output and number of workers for a factory with a fixed size of plant. Calculate the marginal product of labor and the average product of labor. Total: 5 marks --END OF PAPER--