Hey i need help with getting answers to a quiz in order to verify my answers and double check my solutions

QUESTION 1 Harley owns a drive-by carwash in Clayfield. She is one of the many drive-by carwash owners in Clayfield affected by the sudden lockdown due to the rise in Covid-19 cases in the area. She worries that she might need to shut down her operations since her revenue is lower compared to before 1. If the market price for Harley's carwash service is still above her minimum ATC, Harley should remain in the market. 2. If Harley is experiencing a normal profit, it means her accounting profit is equal to her opportunity cost. 3. Harley should include her implicit costs in computing her economic profit. Which of the above statements are true? O Only 1 is true. Only 2 is true. Both 1 and 2 are true. Both 1 and 3 are true. All three are true. None of the above are true. QUESTION 2 Kung Fu Kenny is the owner of a wing chun dojo. Currently his dojo's revenues are $500/day with explicit costs equal to $200/day. The opportunity cost of operating the wing chun dojo is $100/day. Which of the following statements are true: In operating the wing chun dojo, the $100/day is an implicit cost. Kenny's accounting profit is $200/day. Kenny is making an economic profit of $200/day. Kenny is making a normal profit of $300/day.QUESTION 3 Cassandra operates a stall in a luxury rug market that is highly competitive. She earns $3,000/day, with a stall hire cost of $200/day. As a result of a positive change in consumer preferences for luxury rugs, Cassandra experiences a large increase in the demand for her luxury rugs. Select the item from the list provided to make the following statements true: Cassandra's accounting profit is 1. accounting profit 2. -$200/day Cassandra was making an economic loss in this market prior to the change in consumer 3. total cost demand. Fortunately, no new entrants arrive in the market with the increase in demand for 4. economic profit luxury rugs. If Cassandra manages to now achieve a normal profit in the short run, then 5. economic loss Cassandra would also definitely be making alan 6. normal profit The stall hire cost is alan for Cassandra. 7. $3,200/day 8. $2,000/day 9. explicit cost 10.50 11.$2,800/day 12. implicit cost QUESTION 4 Suppose a department store has two major departments: furniture and clothing. Due to changing consumer tastes that have resulted in falling furniture sales, the department store is deciding whether or not to close its furniture department and devote more space to clothing, which is increasing in popularity. The department store's revenues every three months are $644495 while it retains its furniture department, and the department store estimates revenues will increase to $820695 every three months if they close the furniture department. Operating expenses will remain constant at $213768 every three months in either case. The closure of the furniture department would incur refurbishment costs of $94547 over one year. What is the department store's accounting profits (every three months) before clsoing the furniture department? Answer to the nearest whole number (with no decimal places, $ or - signs, spaces or commas).QUESTION 5 Avocados have been proven to bring many health benets if consumed regularly. Many others including Gavin are huge fans of avocados and have plans to start a new business selling avocados. Assume the market for avocados to be perfectly competitive. An swer the following questions a. If these rms are able to continue entering the market for avocados it is likely that they are earning an economic prot In order to earn an economic prot. rms must ensure that the price is above its . Type ATC for Average Total Cost. AVC for Average Variable Cost. TC for Total Cost or VC for Variable Cost. b. Gavin decided to build an avocado farm in Brisbane. It is estimated that Gavin will need to spend $14.55 thousand on farming equipment costs. Gavin will also need to spend $20.95 thousand on labour and overhead costs. However it is expected that Gavin will be able to sell 5 tonnes of avocados and gain a revenue of $417.66 thousand from selling these avocados. Calculate the economic prot for Gavin in starting this new project. $ thousand. Answer to the nearest two decimal places in thousands. c. Queensland Health agrees thatAvocados bring large benets to consumers They decided to give avocados fan'ners a subsidyr'grant in order to boost the supply of avocados Will we expect the economic profit for Gavin's avocado farm to increase or decrease? Type I for Increase. D for Decrease or U for Unsure. QUESTION 6 Jasmine owns and runs a coffee shop in Brisbane CBD. There are multiple coffee shops operating in the city and the coffee shop market in Brisbane CBD is said to have monopolistic competition 1. There are many close substitutes. for Jasmine's coffee in Brisbane CBD. 2. Jasmine has some pricing power as she sells products that are slightly differentiated. 3. Jasmine is a horizontal demand curve. Which oi the above statements are true for monopolistic competition. '3' Only 1 is true. '3' Only 2 is true. Both i and 2 are true. Both 2 and 3 are true. ':-:i All three are true. QUESTION 7 In England, Aidan is known for his one of a kind football boot designs. The new boots are lighter, stronger and have designs which are incomparable to other boots. The boots are of such high quality that he has no competitors, and is a profit maximising monopolist. Which of the following statements are true: Aidan would use the rule MR = MC to determine the quantity to produce. The price Aidan charges would be determined using only his demand and average total cost curves. Assuming demand is linear, Aidan's marginal revenue curve is twice as steep as his demand curve. The demand curve plays an important role in determining Aidan's profits. QUESTION 8 University of Bribane (UB) is the only supplier for UB School of Physiotherapy uniforms. There are no close substitutes in the market and arbitrage is not allowed. Assume that the demand is linear. Select the item from the list provided to make the following statements true: UB is operating as a monopoly because 1. twice 2. there are many sellers UB's slope of the demand curve is the slope of their marginal revenue curve. 3. there are no barriers to entry UB is profit maximising if they are producing at where marginal cost of production is 4. half of the marginal revenue. 5. greater than 6. thrice 7. there is only one seller B. one fifth of 9. equal to 10. there are many close substitutes 11. a third of 12. quarter ofQUESTION 10 Mary is the only one in town who can make red velvet cupcakes. Each cupcake costs her $4 to make (i.e. her marginal cost is constant at $4 per cupcake). Currently, Mary charges $4.50 for a cupcake. Below is the table of potential prices she could charge and the corresponding quantities. Price Quantity ($/cupcake) (cupcakes) 6.50 30 6.00 42 5.50 56 5.00 72 4.50 92 4.00 105 Answer the following questions: a. What is Mary's marginal revenue when the price is $4.50 per cupcake? Answer to the nearest two decimal places. $ per cupcake. b. At a price of $4.50 per cupcake, should Mary decrease or increase the number of cupcakes sold to maximise profit? Type D for Decrease or I for Increase. c. Calculate Mary's profit-maximising quantity of cupcakes to sell. Answer to the nearest whole number (with no decimal places). cupcakes