ATTEMPT ALL QUESTIONS ON CLASSIFICATION OF PRICE ASSIGNMENT

1      Describe the following applying graphical representations where applicable under classification of price              (8 mrks)

a)     Market price

b)     Equilibrium price

c)     Normal price

d)   Reserve price

2.   Explain the various Determinants of reserve price                                                              (10mrks)

3.   What are the various factors that influence pricing of goods and services                       (10mrks)

4.   With a graphical representation, describe what elasticity of demand for a commodity means (5mrks)

5.    Explain the uses of price in a market economy                                                                         (5mrks)

6.   Describe what a market is and give its features                                                                           (10)

7.     Explain what the above graphical representation indicate                                                             (2mrks)