Question 1
Write short notes on the following::

 i)    Scarcity and choices

ii)   Isoquants and isocost curves

iii)  Substitute and complementary goals

iv)  Opportunity cost

 Question 2

 a)          Explain what the term indifference curve entails.

 b)         By use of indifference curves diagrams, show and explain:

 i)  Consumers equilibrium
ii) Income and substitution effect of a fall in price and inferior good

 

        c)          What is a monopolist market?

 

b)         Write short explanatory notes on the following:

 

i)   Positive and normative economics

ii)  Price discrimination

iii) Marginal rate of technical substitution

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