Theory question 105
Basic Agricultural Economics(a) What is elasticity of demand?
(b) Explain each of the following terms as used in agricultural production: (i) collateral; (ii) farm inventory record.
(c) State three merits and three demerits of the retailer in the marketing of agricultural produce.
(d) State two roles of each of the following hormones in animal reproduction: (i) testosterone; (ii) progesterone.
(e) List four ways of preserving fish.
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(a) Elasticity of demand is the degree of responsiveness of the quantity demanded of a good to a change in its price (or income).
(b)(i) Collateral: property (land, buildings) pledged by a borrower as security for a loan, which the lender can take if the loan is not repaid.
(ii) Farm inventory record: a record listing all the assets of the farm (land, buildings, machinery, livestock, stores) with their values at a particular date.
(c) Merits (three): sells in small quantities to suit consumers; brings produce near to consumers; gives credit to customers; stores goods; informs producers of consumer wants. Demerits (three): raise prices; may hoard goods; may adulterate or mislabel produce; may give short measure; add to the chain of middlemen.
(d)(i) Testosterone: develops male secondary sexual characters; stimulates sperm production; maintains sex drive (libido).
(ii) Progesterone: prepares and maintains the uterus for pregnancy; prevents further ovulation/heat during pregnancy; develops mammary glands.
(e) Any four: smoking; sun drying; salting; freezing/refrigeration; canning; frying; fermentation.
Two roles for each hormone.