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NATIONAL OPEN UNIVERSITY OF NIGERIA
University Village, Nnamdi Azikiwe Expressway,
Plot 91, Cadastral Zone, Jabi, Abuja
Faculty of Agricultural Sciences,
Dept. of Agricultural Economics and Extension,
PoP Examination Questions, October/November, 2019

Course Code AEM 751
Course Title MICROECONOMICS
Credit Unit: 2
Total Score 70 Marks
Time Allowed: – 2 Hrs

Instruction: Answer compulsory question 1 (25 mks) and any three (3) questions but do not answer Question 5 and Question 6 together (15 mks each)
1. Explain the following terms:
a). Law of diminishing return (5marks). b). Price discrimination (5marks)
c) Price elasticity of demand (5marks)
d) Income elasticity of demand (5marks)
e) Expansion Path (5 marks)

2. a) Discuss (5) characteristics of Indifference Curve (10 marks)
b) What is Consumer Surplus? (2½ marks)
c) Explain the term subsidy (2½ marks)

3 a) State two effects of Subsidy on Consumer Surplus:(5 marks)
b) Distinguish between Individual and Market Supply Curve (5 marks)
c) Briefly explain the term equilibrium Price and quantity(5 marks)
4 a. i) What is the effect of Change in Demand on the Market Equilibrium? (2½ marks)
ii) What is the effect of Change in Supply on Market Equilibrium? (2½ marks)
b. Explain the following:
i) Total cost
ii) Total fixed cost
iii) Total variable cost
iv) An isorevenue line
v) Production possibility curve. (10 marks)
5 a. What do you understand by the term “market” (3marks).
b. Identify the characteristic features of the following market structures.
i) imperfect competition(3marks)
ii) Monopoly (3marks)
iii) Monopolistic competition (3marks)
iv) Oligopoly (3marks)
OR
6 a) What is market structure? (5marks)
b) What are the characteristic features of Perfect Competition and Monopoly (10 marks)