The diagram below shows the demand and supply curves of a certain commodity and the corresponding equilibrium price (Po) and quantity (Qo). On the diagram, show the new equilibrium quantity and price as a result of an increase in the supply of the commodity.
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Explain five methods of determining the price of a product other than price control (10 marks)5/12/2020 Methods of determining the price of a product other than price control
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Methods that the government may use to increase the supply of goods in the market include:
The equations given below relate to quantity demanded and quality supplied at the equilibrium point:27/11/2020
The equations given below relate to quantity demanded and quality supplied at the equilibrium point:
Determine the equilibrium price and quantity. (4 marks)
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Factors that may have contributed to increased demand for soft drinks include:
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Other methods of determining the price of a product apart from the forces of demand and supply include:
Circumstances under which firms would form a cartel
Circumstances under which firms would form a cartel include:
Determine the excess demand or excess supply from the combined demand and supply schedules of oranges given belowAnswerCharacteristics of free resource.
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