Demand and supply Revision Questions and Answers

KNEC notes and Past Papers

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

State four possible reasons for the above shift
5. The table below represents a farmer’s supply of cabbage in a local urban centre
FARMERS SUPPLY OF CABBAGE IN A LOCAL CENTRE
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
CHANGE IN QUANTITY DEMANDED

Calculate the loss elasticity of demand of product Y

Other Topical questions and answers

(Visited 4,638 times, 1 visits today)

Written by 

Leave a Reply

Your email address will not be published. Required fields are marked *