The pie chart here represents the hypothetical output of farmers in a country in a particular year. The total output of the crops was 72,000 tonnes.
(a) Calculate the quantity of each product.
(b) (i) By what quantity is the export crops greater than the food crops?
(ii) Which crop contributed the least and by what quantity?
(iii) Which crop has the highest output?
(a) What is income elasticity of demand? The table below shows the various incomes and demand for different commodities.
| Income (N) | Quantity Demanded (kg) |
| A 20,000 | 120 |
| B 36,000 | 96 |
| C 40,000 | 160 |
| D 44,000 | 200 |
| E 45,000 | 240 |
| F 47,000 | 252 |
(b) Calculate the income elasticity between
(i) A and B
(ii) C and D
(iii) E and F
(c) What kind of good is between
(i) A and B?
(ii) C and D?
(a) State the laws of demand and supply.
(b) With the aid of a diagram, explain the implications of a change in the quantity demanded of a commodity.
What form of business enterprise would you recommend for a tailor? Give reasons for your answer.
