Quiz1BKey

Please answer question 3 (d)

answer c)

Profit = 2203.4*Demand -705030   Profit(1000)

True or false (explanation needed) top 25% of land owners in Country B own twice as much land as the top 25% of land owners in Country A

Need answers for questions (D),(E),

2nd answer wrong

Can you please help with d),e),f)

NOTE: Answer only the d and e

(6) Question is in the photo below

(A) (B) Refer to the above graphs. Which graph depicts a situation where sellers are increasing their output because their product is becoming more popular among buyers? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

Task: Attempt ALL questions (Show all calculations / working formula) Question 1. You are asked to advice on the relationship between two products. The only information you know is that if you increase the price of your product from OMR 1.600 to OMR 2.000, the demand for your competitors' product increases from 1,000 units to 1,400. (a) Name the economic tool you will use to help your advice? (02 marks) (b) What is the relationship between yours and your competitor's product? Show all working. marks) (02 Question 2: Calculate the missing values in the following table. Show all formula and calculations in detail. (Answers not showing the details of calculations & formula will be awarded only fifty percent marks for this question.) (10 marks) Output (Units) TC (OMR)AC (OMR) MC (OMR) 55 1 85 2 110 3 130 14 40 42 16 280 17 90 8 110 19 610 10 150

PRICE (Dollars per pound) 10 9 8 7 2 1 0 0 Y X Demand 10 20 30 40 50 60 70 80 QUANTITY (Thousands of pounds of apples) 90 100 (?)

A 2% increase in the price of carrot causes its sales to decrease by 6% and sales of sweet potato to increase by 10%. The cross elasticity of demand for sweet potato with respect to change of price in carrot is____. (a) 3 (b) -3 (c) 5 (d) - 5

(please select the correct answer)

answers for 5 & 6 questions

4)none

Calculate for a) and b)

A popular buffet has two types of customers. Type A who are willing to pay $25 but only eat for $15, and type B who value the food at $30 but eat for $20. There are 200 customers visiting daily and from their experience the restaurant knows they have 40% type A and 60% type B customers. How much revenue and profit will they make daily?     Only typed answer

(c) Obviously, something is wrong. Can you explain what it is? (Hint: Think of basis, or reference. For example, if you had an investment that appreciated 100% in value one day, and you lost 100% of your investment the next, would you still have any money left?)