ANSWER all the questions below part A to part D of all sections

a. Distinguish between the law of supply and the law of demand and use a graphical illustration to identify the relationship between supply and demand for a commodity [8 Marks] b. Outline the five determinants of demand [5 Marks] c. Outline the six determinants of supply [6 Marks] d. Distinguish between a shift and a movement along a supply curve using an illustrated example [6 Marks]a. Outline the 8 tenets of Adam Smith in his seminal work on the Development of the Wealth of Nations. [8 Marks] b. Define Keyne's law, and Say's.Law and use illustrations to support your answer. [5 Marks] c. Using the example of the unit economy, explain the circular flow of money. [6 Marks] d. Trickle down economic theorists posited tax cuts to wealthy gives economic development by increasing money supply through jobs to the labor class. Explain why this reasoning is incorrect and why the increasing spending power for bottom of pyramid increases GDP. [6 Marks]a. Outline the main types of overhead costs and provide examples of each [4 Marks] b. Outline the budgeting process illustrating how you would classify each cost & create a single budget for the following: i. Company with 5 persons paid minimum wage, health & insurance at 30% of salary, bonus and food cost at 10 and 5% respectively. ii. Light, water, HVAC, $50, $45, $20 respectively iii. Depreciation on assets at 10% of asset value. iv. Maintenance cost at 6.8% of asset value. [10 Marks] c. A 120-metric-ton telescoping crane that cost $320,000 is owned by Upper State Power, Salvage is estimated at $75,000. (i) Compare book values for MACRS and standard SL depreciation over a 7-year recovery period. (ii) Explain how the estimated salvage is treated using MACRS. MACKS % years ] to 8 (14.29, 24.49, 17.49, 12.49, 8.93, 8.92, 8.93, 4.47) respectively [5 Marks] d. Projects A and B have first costs of $5,000 and $9,000, respectively. Project A has net annual benefits of $2,500 during each year of its 5-year useful life, after which it can be replaced identically. Project B has net annual benefits of $3,300 during each year of its 10 years life. Use present worth analysis, an interest rate of 30% per year and. 10-year analysis period to determine which project to select. (P/F,30%,5) = 0.2693, (P/A, 30%,5) =2.436, (P/F,30%,10) =0.0725, (P/A,30%, 10) = 3.092 [6 Marks]