Explanation

(a) Meaning of elasticity of demand: This is the degree of responsiveness of demand to changes in price. 
(b) Explanation of the terms as used in agricultural production: 
(i) Collateral: This is anything of value offered as a promise of loan repayment to be given to a lender in case of non-payment. 
(ii) Farm inventory record: This is a detailed list of all assets or materials on the farm including their money worth within a particular time. 

(c) Merits and demerits of the retailer in the marketing of agricultural produce 
Merits: 
- They give credit to consumers 
- Retailing provides job for many people 
- They make goods readily available to consumers/repacking in small quantities 
- They relay information from consumers to wholesalers 

Demerits: 
- They may suffer losses due to perishability of agricultural produce. 
- They can create artificial scarcity of farm produce. 
- They have little to offer for sale. 
- They can inflate prices of farm produce. 
- They may suffer losses due to pilfering by consumers. 

(d) Roles of hormones in animal reproduction: 
(i) Testosterone: 
- Promotes sperm production. 
- Stimulates the development of male secondary sexual characteristics. 
- Regulates libido in male animals. 
- Promotes the growth and development of accessory sex glands (e.g Cowper's gland). 
- Prolongs the life of sperms in the epididymis. 
(ii) Progesterone: 
- Ensures the development of the uterus and implantation of the fertilized ovum. 
- Inhibits oestrus during gestation and lactation. 
- Sustains gestation/maintains pregnancy. 
- Causes the development of alveoli in mammary gland. 

(e) Ways of preserving fish: 
- Salting 
- Drying 
- Freezing/refrigerating 
- Frying -Smoking 
- Canning 
- Irradiation. 

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