Calculate the value for (a), (b), (c), (d), (e), (f), (g), (h), (i), and (j). (2 marks for each value)

How many unit(s) should the supplier produce (based on the marginal revenue and marginal cost comparison)? (10 marks)

A market demand function is given by the equation, Quantity demanded (Qd) = 200 2P. Determine the value of consumer surplus if price is equal to 50. Draw the consumer surplus graph and calculate the consumer surplus. (10 marks)

You are given market data that says when the price of chicken is $6/kg and price of mutton is $10/kg, the quantity demanded of chicken/day is 120/kg and the quantity demanded of mutton/day is 40/kg Rose Restaurant. When the price of mutton is $18/kg, the quantity demanded of chicken is 150/kg/day and the quantity demanded of mutton is 30/kg/day.

(a) Can the Price-Elasticity of Demand (PED) be calculated for either good? Why? (5 marks)

(b) If so, calculate the PED (10 marks)

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