Hong Kong is considered as the "Culinary Paradise" and offers a wide variety of food and international cuisines. All people have the chance to try food ranging from the different Chinese regions, European, African, and Indian or from the Americas. Hong Kong is famous for its Yam Cha culture - a buffet style selection of food. Hong Kong Maxim's Group is one of leading food \& beverage company comprising of Chinese, Asian and European restaurants, quick service restaurants, bakery shops and institutional catering, while providing a range of festive products, including the awardwinning Maxim's Mooncakes. (Source: Maxim's company website \& https://www.nextstophongkong.com/gourmet/) Question (a) Focusing on the Chinese restaurants, to what extent is the market for Chinese restaurants perfectly competitive? (8 marks) (b) Is there any market power for Maxim's Group? If yes, identify and explain TWO sources of market power that it obtains. (7 marks) (c) Provide THREE real examples on the pricing strategy that any brands within Maxim's group is adopted (with relevant concrete details, including observation date and place). Speculate on why it was adopted for the particular example you have chosen. (9 marks) (d) Explain the meaning of 'principal-agent' problem with the case of Chinese restaurants. Suggest any TWO ways that a Chinese restaurant can solve this 'principal-agent' problem on its staff. (7 marks) (e) Check out how a can of soft drink is priced as a single unit in supermarket or convenient store and the same type of soft drink in any restaurant under Maxim's Group. Explain the differences in these prices. (6 marks) (f) Suggest ONE way with explanations to reduce the price elasticity of demand of having meals at restaurants.