hope can help me to answer these question.tq

Business Economics/Economics for Managers Short Answer Question 1: 10 Marks Answer all the questions: Question 1: The term "opportunity cost" is used in economics to compute economic profit and economic loss. Why opportunity cost is important for business analysis? Question 2: Marginal cost and marginal benefit analysis are important to compute efficient level of production. Explain the marginal analysis with an example. Question 3: Explain the Economies of Scale concept. Why economies of scale are used to analyze profit in the short and long run firms' production. Question 4: KFC wants to increase its total revenue. One strategy is to offer a 10% discount on every customer that KFC sells. KFC knows that their customers can be divided into two distinct groups according to their likely responses to the discount. The table shows how the two groups respond to the discount. Discount Group A: family (sales per Group B: school children week) (sales per week) Volume of sales before 1.55 million 1.50 million the 10% discount Volume of sales after the 1.65 million 1.70 million 10% discount A. If KFC wants to increase its total revenue, should discounts be offered to group A or to group B? Explain Question 5: Shoes and socks are complementary goods, and both are normal goods, show graphically what would happen to the consumption of shoes and socks if: a. the price of shoes decreased. b. consumer incomes increased