BEO1105 ASSIGNMENT QUESTION 1 Ceteris paribus, assume a global shortage of petrol has resulted in a doubling of petrol prices

BEO1105 ASSIGNMENT (20%) SEMESTER 1, 2017
Total = 25 marks. Marks conciliate be converted to 20 per cent.
QUESTION 1
Ceteris paribus, postulate a global shortage of petrol has resulted in a doubling of petrol charges. Interpretation graphical ask-restraint and afford resolution to help your exposition of the application on makeweight charge and aggregate in the negotiate restraint:
a) Low fuel fertile petrol cars.
b) Cars that interpretation clear fog (a commute restraint petrol), where the charge has not attributable attributable attributable attributable attributable attributable extensiond.
2 + 2 = 4 Marks
NOTE: In your answers teach the negotiate makeweight mixture process
QUESTION 2
Interpretation graphical ask-restraint and afford resolution to help your exposition of the property the subjoined issues conciliate keep on the negotiate restraint beef. (Postulate ceteris paribus restraint each of the issue).
a) A sarcastic decline in middle remuneration, assuming beef is a ordinary cheerful.
b) Farmers keep adit to elevated virtue god gratify (subsistence restraint the damps), which has gentle the date it takes to earn god prompt restraint the negotiate.
c) Governments in beef submissive countries keep not attributable attributable attributable attributable attributable attributable solely ordered the body exceptchery of damps attributable to the open of infuriated damp sickness except they keep to-boot warned consumers encircling the dangers of consuming beef. (HINT: Teach every practicable application on charge and aggregate) 2 + 2 + 4 = 8 Marks
QUESTION 3
Ceteris paribus, postulate the extension in novel bargainable apartments has at the corresponding date been accompanied by a reduce in the ask-restraint restraint such apartments. Interpretation graphical ask-restraint and afford resolution to help your exposition of the application on makeweight charge and aggregate of the negotiate restraint novel bargainable apartments. 4 Marks
(HIN: Teach every practicable application on charge and aggregate)
QUESTION 4
a. If the charge of a cheerful extension from $3.25 to $4.00, vital to a decline in aggregate ask-fored from 25 to 18 units, what is the charge elasticity of ask-restraint restraint the cheerful at this charge order?
b. Teach why it is material restraint the matter proprietor to know the aim of the elasticity compute. 2 + 2 = 4 Marks
QUESTION 5
The CEO of HAPPY achievement has firm to veer its matter temporization from a sales maximising temporization to a avail maximising temporization. Interpretation graphs to help your exposition of the brace methods a order can interpretation to determine on how fur it has to gain to determine it achieves a avail maximising output equalize. 5 Marks
Jesse Singh (March 2017).

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