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\fTa).Define the demand function and distinguish between demand function and demand schedule. by Assume that the demand function for a product is Q = 200- 80 P + 0.5 A - 0.05 Y Where: Q - Quantity demanded P = Price Advertisement Expenditure Y - Disposable Income IFP - N800, A - 14200,000 and Y = N12,000 Estimate the total demand and total revenue from the information b) What is the price elasticity of demand? ") Assuming that as advertising expenditure whenditure reduces to N50,000. total quantity demanded al reduces by 10%, calculate the are advertising elasticity of demand. d) Can the producer of this product increase its price? Why? -J Under what market condition can the firm with the above price elasticity of demand operate How can the knowledge of demand function enhance organisational management!4. A firm has the following short and long run total cost functions: TCI =1000 + 503 -Q TC2 = 175 + 250 + 10Q Required i) Assuming that this firm intends to produce from zero to ten units, as a practicing manager, determine the costs that are relevant for taking decisions in both periods. ii) If the managers decided to double production from 4 units to & units in the long run, comment on the managers' decision using your skills.of scale and constant return to scale? What factors are responsible for your finding in ' in" above? If the company's selling price is N150, should it shut-down in the short run? Why? 5. Two firms A and B in the same industry sell their product at 2420 per unit. but firm A has total fixed cost (TFC) of N200 and average variable cost (AVC) of No and firm B has TFC of N600 and AVC of No.60 Required