2 questions thank you!

Qu estion2 Dylan runs a small Japanese noodle restaurant in a local district. There are quite a lot of restaurants and fast food shops located nearby. a) Dylan always thinks that his Japanese noodle is unique and delicious. It deserves getting a higher price so that he can earn more. Can you explain 'why Dylan wants to increase the price to increase his revenue\" based on your Economics knowledge? Illustrate your explanation with a diagram. (8 marks) b) Two months ago, Dylan increased the menu prices of all the food he provides in his restaurant. However, he is disappointed to nd that this only leads to a signicant drop in the revenue. (i) Explain the reason why the result does not support what Dylan's decision of increasing the menu prices. What is the actual demand condition situation faced by Dylan. Illustrate your explanation with another diagram. (8 marks) (ii) As Dylan wants to increase his total revenue, what is your suggestion? Explain. (4 marks) Question 3 Da international consultancy limited is the marketing research specialist on crude oil. The demand and supply function in the market forr crude oil as below. QD = 100 0.6P, where QD is the quantity demanded and P is the price. QS = 40 + 0.6P, where Qs is the quantity supplied. QD and Q5 are expressed in term of tons of oil. 3) Calculate the equilibrium price and equilibrium quantity in the market for crude oil. Showing your workings. (3 marks) b) Suppose the government wants to use the price control to reduce the loss suffered by the oil companies. Calculate the amount of deadweight loss if the price control is set at $60. (4 marks) c) Explain why the crude oil market is inefcient after imposition of price control