(a) Define: (i) demand; (ii) price elasticity of demand [4 marks] (b) Explain why the demand curve slopes downwards. [2 marks] (c) List four agents of agric...

(a) Definitions

(i) Demand: Demand is the quantity of a commodity that consumers are willing and able to buy at a given price over a given period of time.

(ii) Price elasticity of demand: It is the degree of responsiveness of the quantity demanded of a commodity to a change in its price. It is expressed as:

(b) Why the demand curve slopes downwards

The demand curve slopes downwards from left to right because of the law of demand: the quantity demanded rises as price falls and falls as price rises, showing an inverse relationship between price and quantity demanded. This is due to the income effect (a fall in price raises the consumer's real income) and the substitution effect (a cheaper good replaces more costly substitutes).

(c) Four agents of agricultural marketing

1. Wholesalers
2. Retailers
3. Middlemen or brokers
4. Cooperative marketing societies

(d) Two advantages and one disadvantage of each teaching method

(i) Newspapers

Advantages:

1. They can reach a large number of literate farmers at once.
2. The information can be kept and referred to again later.

Disadvantage: They are of little value to illiterate farmers who cannot read.

(ii) Television

Advantages:

1. It combines sound and moving pictures, so practices can be demonstrated clearly.
2. It reaches a very large audience at the same time.

Disadvantage: It is expensive and needs electricity, so many rural farmers cannot afford or use it.