Question 1 Report
(a) Distinguish between the terms loan and subsidy as used in agricultural financing. (2 marks)
(b)(i) Define the term supply. (2 marks)
(ii) Use the information in the supply schedule below to draw a supply curve. (3 marks)
| Price of Cocoa (Le) | Supply of Cocoa (tonne) |
| 10,000 | 450 |
| 15,000 | 550 |
| 20,000 | 700 |
| 25,000 | 1000 |
| 30,000 | 1,700 |
(iii) Use the supply curve drawn to explain the relationship between supply and price. (2 marks)
(c) State two advantages and two disadvantages of using farm and home visits as a teaching method in agricultural extension work. (4 marks)
(d) Mention three characteristics of agricultural produce in relation to marketing (3 marks)