(Solved): QUESTION ONE 1.1 Using examples, explain the law of demand and the law of supply. [2X2=4] 1.2 Withou ...

QUESTION ONE 1.1 Using examples, explain the law of demand and the law of supply. [2X2=4] 1.2 Without using a demand and supply diagram, explain how equilibrium price and quantity are determined in a competitive market. [ \( 1 \times 5=5 \) ] 1.3 Discuss any five factors that can lead to a shift in the demand curve. Use real or hypothetical examples from the Namibian business environment to support your explanation. [ \( 2 \times 5=10 \) ] 1.4 Suppose the Namibian government introduces a subsidy for locally produced agricultural goods. Illustrate without drawing a supply and demand graph how this policy would affect market equilibrium. [ \( 1 \times 3=3 \) ] 1.6 Critically evaluate the importance of understanding demand and supply dynamics for business managers operating in Namibia. QUESTION TWO The following figure shows a kinked demand curve dD facing an Oligopoly.