Hi please kindly help mw with this case study as the previous tutor doesnt really make it clear for me. Appreciate your clear explanation. Thanks

Case study 1: Cheaper Weet-Bix on the way? Visit https://daff.ent.sirsidynix.net.au/client/en_AU/search/asset/1031121/0 and read pages 26 to 34 about wheat and coarse grains. Then answer the questions that follow. a) Draw a diagram to show the wheat market change that will result in lower wheat prices. b) Which commodity or commodities could be regarded as a substitute for wheat? Make sure to explain your answer fully. c) What effect might the lower price of wheat have on the price of substitute grains? Please justify your answer. d) Draw a diagram to show the change in the market for a substitute grain. e) Explain the non-price determinants involved in the change in both markets (i.e. wheat and a substitute grain).

Case study 2:How is your business going?

Assume that you have taken 12 months' leave without pay from your full-time job as a dressmaker and set up a business ironing and repairing clothes. You have taken out a 12-month lease on a small shopfront in a suburban shopping centre. You have bought all the equipment you need for your business and arranged the fit-out of your premises to accommodate your work requirements. You have paid for these set-up costs out of your previous savings. You will not be able to buy any more equipment during the next 12 months. For the year, your total explicit costs are $25 500, and your implicit costs are $55 000.

1. Give some examples of your explicit costs and explain why you chose them.
2. Give some examples of your implicit costs and explain why you chose them.
3. In your short-run period, how would the law of diminishing returns be likely to apply in your case if the business was doing so well that you started taking on extra staff members? Please explain fully.
4. If your total revenue is $80 000, do you earn an economic profit? Would you stay in business or go back to your old job? Please justify your applied rationale.

Case study 3:Read the story aboutNZ Supermarket Duopoly : What can be done ?Clicking on the link above and reading through the findings and recommendations as suggested, answer the following questions:

(14 marks)

1. What are the market characteristics of NZ supermarkets based on what you've learnt in lectures?
2. Why does this duopoly as reported need to be broken up?
3. What solutions are proposed? Would a new entrant (e.g., Costco) benefit consumers? If so, why?
4. Who gains and who loses from the alleged duopoly?