ATTEMPT ALL QUESTIONS ON SUPPLY THEORY ASSIGNMENT

1 (a) Distinguish between competitive supply and joint supply under supply theory (4 mks)

(b) Explain the factors that influence the elasticity of supply (16 mks)

2. Study the table below and answer questions that follow:

3. (a)(i) Draw a supply curve using then information in the schedule (2 mks)

     (ii)Calculate the price elasticity of supply for the commodity from point A to D.( 2mks)

(b)Examine the factors that influence the quantity of a commodity supplied in an economy. (16 mks)

4. (a)distinguish between supply function and supply schedule (4 mks)

(b) Explain the factors that limit quantity supplied of a commodity in an economy (16 mks)

5. (a) Distinguish between a change in supply and a change in quantity supplied (4 mks).

(b)Explain the factors that cause a change in supply for a commodity (16 mks)

6. (a) Distinguish between price elasticity of demand and income elasticity of demand (4 mks)

(b) Explain the factors that influence price elasticity of demand (16 mks)

7. (a) Explain the methods of price determination in your country (6 mks)

(b)What are the effects of agricultural price fluctuations in your country?(14 mks)