Reference no: EM132930626

1. Outline four factors that influence both demand and supply of a commodity

2. State four factors that may result into an increase in the supply of a product in the market

3. State three circumstances under which a fall in the price of a commodity would lead to a fall in demand for a commodity

4. The following graph shows a shift in demand from D0D0 to D1D1 State four possible reasons for the above shift D1 D0 D1 D0 Price Quantity PSE

5. The table below represents a farmer's supply of cabbage in a local urban centre Year Quantity of cabbages (Kgs) 2001 20,000 2002 15,000 2003 10,000 Assuming the price remained constant state four reasons for the trends in the supply of cabbages

6. Outline four circumstances that would cause a commodity to have inelastic demand

7. State four causes of abnormal demand

8. Explain four circumstances under which the law of demand may be undermined

9. The table below shows changes in price of a product X and the changes in quantity demanded in Product X and product Y Price of x Demand for x Demand for Y 140 20,000 15,000 150 16,000 19,000 Calculate the loss elasticity of demand of product Y