QUESTION 1 (20 MARKS)

a)Estimated demand function for processed pork is = 171 20 + 20 + 3 + 2

Using the estimated demand function for processed pork in Namibia, show how the quantity demanded at a given price changes as per capita income, Y, increases by N$100 a year.

[6 marks]

b)If the supply of corn by the Namibia is = + and the supply by the rest of the world is = +

, what is the world supply? What is the world inverse supply?[6 marks]

c)The demand function for rose is = , and the supply function is = + + , where a, b, c, e, and f are positive constants and is the average temperature in a month. Show how the equilibrium quantity and price vary with temperature?[8 marks]