1.(a) Economics is the study of mankind in the ordinary business of life.” Discuss the statement.
(b) State the relationship of economics with statistics and political science.

2 (a) Explain the main features of the markets under monopoly and oligopoly.
(b) There is no supply curve in monopoly.- Explain.

3. (a) State why a demand curve generally slopes downward to the right.
(b) What are the exceptions to the law of demand’?

4. (a) What is meant by the price elasticity of demand and what are its determinants’?
(b) Identify the price elasticity of demand for each of the following commodities. state reasons for your answer : salt. cigarette, life - saving drugs. rice and television.

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