Theories of demand and supply questions | form five Economics

Briefly analyze five factors of elasticity of supply.

Answer / Solution

UNSOLVED

Outline the non-price factors that may affect supply.

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UNSOLVED

Study the table below and answer the questions that follow:

Demand Schedule for maize

1. Graphically portray the demand schedule for maize above.
2. Using the graph, explain why the law of demand is sometimes called the law of downward-sloping demand.

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UNSOLVED

Given the following table

Where

P_x=Price of commodity X.

D_x=Quantity demanded for commodity X.

D_B=Quantity demanded for commodity B.

Y=Income level of a consumer.

From the above table, answer the following questions:

1. Calculate the following types of elasticity of demand in the first points only in each case.

1. Income elasticity of demand of commodity B
2. Price eleasticity of demand of commodity X
3. Cross elasticity of demand of commodity X to commodity B.

2. Explain the type of demand relationship between commodity X and commodity B.

Answer / Solution

UNSOLVED

Why is short run price elasticity of supply less than long run price elasticity of supply?.

Answer / Solution

UNSOLVED