GECO 5113 Business Economics Assignment Questions 2025 | UniRAZAK

Questions

• Demand shows the ability and willingness to buy a specific quantity of goods and services in the given period at a particular price, ceteris paribus. Examine the law of demand using a graph illustration and how it affects market behaviour.
  (25 Marks)
• Cross-price elasticity of demand is a measure of the responsiveness of the demand for a good to changes in the price of a related good. Use cross elasticity of demand to analyse the effect of complementary and substitute goods. Supports your answer with a graphical illustration and economic implications. (25 Marks)
• Consumer preferences determine which of these goods will be consumed. Different consumers generally will have indifference curves of different shapes. Examine the concept of indifference curves and their relevance to individual behaviour. (25 Marks)
• The most important measures of productivity are total product, average product, and marginal product. Use the relevant illustration or example to show the relationship between the total product curve, the average product curve, and the marginal product curve to identify the stage of production. Analyse the law of diminishing marginal returns in the stage of production. (25 Marks)