KCSE BASED BUSINESS STUDIES QUESTIONS WITH ANSWERS
The diagram below shows the demand and supply curves of a certain commodity and the corresponding equilibrium price (Po) and quantity (Qo). On the diagram, show the new equilibrium quantity and price as a result of an increase in the supply of the commodity.
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Explain five methods of determining the price of a product other than price control (10 marks)5/12/2020 Methods of determining the price of a product other than price control
Methods that the government may use to increase supply of goods in the market
Methods that the government may use to increase the supply of goods in the market include:
The equations given below relate to quantity demanded and quality supplied at the equilibrium point:27/11/2020
The equations given below relate to quantity demanded and quality supplied at the equilibrium point:
Determine the equilibrium price and quantity. (4 marks)
Factors that may have contributed to increase of soft drinks
Factors that may have contributed to increased demand for soft drinks include:
Other ways in which the price of a product may be set
Other methods of determining the price of a product apart from the forces of demand and supply include:
Circumstances under which firms would form a cartel
Circumstances under which firms would form a cartel include:
Determine the excess demand or excess supply from the combined demand and supply schedules of oranges given belowAnswerCharacteristics of free resource.
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