Get premium membership and access questions with answers, video lessons as well as revision papers.
- The demand for a commodity is twenty units when the prevailing market price equals eighty
shillings per unit. However, when the price per unit rises to...(Solved)
The demand for a commodity is twenty units when the prevailing market price equals eighty
shillings per unit. However, when the price per unit rises to one hundred shillings, the quantity
demanded rises to thirty units.
Required:
Calculate both arc and point elasticities of this commodity
Date posted: February 4, 2019. Answers (1)
- Explain why elasticity of supply for agricultural commodities is low.(Solved)
Explain why elasticity of supply for agricultural commodities is low.
Date posted: February 4, 2019. Answers (1)
- Define elasticity of supply and briefly explain any five factors that influence the elasticity of supply.(Solved)
Define elasticity of supply and briefly explain any five factors that influence the elasticity of supply.
Date posted: February 4, 2019. Answers (1)
- Discuss the importance of price elasticity of demand and cross elasticity of demand in management and economic policy decision-making.(Solved)
Discuss the importance of price elasticity of demand and cross elasticity of demand in management and economic policy decision-making.
Date posted: February 4, 2019. Answers (1)
- Briefly discuss the factors which affect the own price elasticity of demand(Solved)
Briefly discuss the factors which affect the own price elasticity of demand
Date posted: February 4, 2019. Answers (1)
- What are the major consequences of each of the price control measures?(Solved)
What are the major consequences of each of the price control measures?
Date posted: February 4, 2019. Answers (1)
- With the aid of well-labeled diagrams, distinguish between price floors and
price ceilings.(Solved)
With the aid of well-labeled diagrams, distinguish between price floors and
price ceilings.
Date posted: February 4, 2019. Answers (1)
- Explain the circumstances under which price control is considered necessary.(Solved)
Explain the circumstances under which price control is considered necessary.
Date posted: February 4, 2019. Answers (1)
- Give the meaning of the term "Price Control"(Solved)
Give the meaning of the term "Price Control"
Date posted: February 4, 2019. Answers (1)
- Using the following demand and supply functions of a commodity x,
Qd = 100 - 2P
Qs = 40 + 4P
use diagrams to illustrate and explain the...(Solved)
Using the following demand and supply functions of a commodity x,
Qd = 100 - 2P
Qs = 40 + 4P
use diagrams to illustrate and explain the effects on the values from:
1. A fall in price of x's substitute
2. A simultaneous increase in input prices and a rise in the consumer's income
Ceteris paribus.
Date posted: February 4, 2019. Answers (1)
- Using the following demand and supply functions of a commodity x, compute the equilibrium price and
quantity.
Qd = 100 - 2P
Qs = 40 + 4P(Solved)
Using the following demand and supply functions of a commodity x, compute the equilibrium price and
quantity.
Qd = 100 - 2P
Qs = 40 + 4P
Date posted: February 4, 2019. Answers (1)
- Write short notes on Market Equilibrium.(Solved)
Write short notes on Market Equilibrium.
Date posted: February 4, 2019. Answers (1)
- The table below shows the demand and supply schedules for a product.
Required:
Plot the demand and supply curves and determine the equilibrium price and quantity(Solved)
The table below shows the demand and supply schedules for a product.
Required:
Plot the demand and supply curves and determine the equilibrium price and quantity
Date posted: February 4, 2019. Answers (1)
- State and briefly explain any four main factors that may cause a fall in the supply of a good in the
market.(Solved)
State and briefly explain any four main factors that may cause a fall in the supply of a good in the
market.
Date posted: February 4, 2019. Answers (1)
- Clearly explain the distinction between supply, demand and equilibrium price.(Solved)
Clearly explain the distinction between supply, demand and equilibrium price.
Date posted: February 4, 2019. Answers (1)
- What factors limit consumer sovereignty?(Solved)
What factors limit consumer sovereignty?
Date posted: February 4, 2019. Answers (1)
- Why is the consumer said to be sovereign?(Solved)
Why is the consumer said to be sovereign?
Date posted: February 4, 2019. Answers (1)
- Using specific examples, explain "Ceteris Paribus" as used in economics(Solved)
Using specific examples, explain „Ceteris Paribus‟ as used in economics
Date posted: February 4, 2019. Answers (1)
- Write short notes on Positive and normative economics(Solved)
Write short notes on Positive and normative economics.
Date posted: February 4, 2019. Answers (1)
- Write short notes on production possibility curve(Solved)
Write short notes on production possibility curve
Date posted: February 4, 2019. Answers (1)