With an appropriate illustration, explain the circumstance in which an increase in output of a producer would
(a) decrease his sales revenue [10 marks]
(b) increase his sales revenue [10 marks}
(a) Define increase in supply. [4 marks]
(b) With the aid of diagrams, explain the effect of an increase in the supply of fish on the price of beef [16 marks]
(a) What is the equilibrium of a consumer? [5 marks]
(b) Explain how a consumer attains equilibrium in spending his income. [15 marks]
(a) Explain with examples the following types of production (i) Primary [4 marks] (ii) Secondary [4 marks] (iii) Tertiary [4 mark]
(b) Give two reasons why primary production pre-dominates in developing countries [8 marks]
(a) What is a partnership? [4 marks)
(b) State any two advantages and any two disadvantages of a partnership [16 marks]
