- 20 Marks
EIB – APR 2023 – L1 – Q2 – Demand, Supply, and Elasticity Assumptions
List assumptions in demand analysis, reasons for increased consumption with rising income, determinants of maize supply, and commodities with inelastic supply.
Question
a) Name any three economic assumptions made while analyzing demand (6 marks)
b) Name any three reasons which normally induce a consumer to buy more units of a commodity as his income rises. (6 marks)
c) State any three determinants of supply of maize. (6 marks)
d) Name any two commodities whose supply is fairly inelastic. (2 marks) (Total marks:20)
Find Related Questions by Tags, levels, etc.
Report an error
