(a) What is elasticity of demand? [2 marks] (b) Explain each of the following terms as used in agricultural production: (i) collateral: (ii) farm inventory record. [4 marks] (c) State three merits and three demerits of the retailer in the marketing of agricultural produce, [6 marks] (d) State two roles of each of the following hormones in animal reproduction: (i) testosterone; (ii) progrestrone. [4 marks] (e) List four ways of preserving fish. [4 marks]
Explanation
(a) Meaning of elasticity of demand: This is the degree of responsiveness of demand to changes in price. (b) 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.