This economics assignment analyzes the effects of price controls (ceilings and floors) on the maize market in Kenya, examining concepts like binding and non-binding price controls, consumer and producer surplus, and deadweight loss. The assignment then explores non-price factors affecting supply, such as weather conditions, taxes, and technological improvements, and their impact on the supply curve. The second part of the assignment discusses a scenario involving supermarkets and their anti-competitive behavior through lease agreements, characterizing this behavior as a form of monopoly. The assignment analyzes the impacts of this monopoly on businesses, consumers, and society, considering the elasticity of demand and the resulting effects on revenue and market power. The assignment provides mathematical representations of the surplus changes and includes references to academic sources.
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