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QUESTION ONE [25] 1.1 1.2 1.3 List and describe two (2) main sources of production. (10) Assume that the diagram below illustrates the demand and

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QUESTION ONE [25] 1.1 1.2 1.3 List and describe two (2) main sources of production. (10) Assume that the diagram below illustrates the demand and supply for pencils and a price floor is implemented at R4 per unit. Discuss the economic impact of the imposition of this price control. (9) p 5 4 In! N Analyse two (2) factors that affect the upward sloping curve- (6)

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