(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) Explanation 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.