What is elasticity of demand? [2 marks] (b) Explain each of the following terms…

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.