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PROJECT 6: BASIC ECONOMICS AND FINANCE QUESTION ECONOMICS (30) 1 with the aid of a diagram, discuss the concept of scarcity, opportunity cost and unemployment for a hypothetical economy producing cars and potatoes. 12 Define price elasticity of demand and use a diagram to illustrate the relationship between price elasticity of (10) demand and total revenue. (20) QUESTION 2 FINANCE (30) INFORMATION Puff Adder Distributors Income Statements for the year ended 31 December 2019 and 2018 2019 2018 Sales (all credit) 2167500 1719040 Cost of sales (all credit) (1351539) (1181761) Gross profit 815961 537279 Operating expenses: (206031) (167969) Selling general and administrative (120649) (107467) Other expenses (85382) (60502) Operating profit 609930 369310 Other income: 11458 9637 Interest income 11458 9637 Profit before interest 621388 378947 Interest expense (61372) (72515) Profit before tax 560016 306432 Tax (244422) (182707) Net profit after tax 315594 123725 MANCOSA: HIGHER CERTIFICATE IN SUPPLY CHAIN MANCAMENT Puff Adder Distributors Balance Sheets the year ended 31 December 2019 and 2018 2015 Assets Non-current assets Current assets: 26040203 1609202124 93110 Inventories Accounts receivable Cash and cash equivalents 4024 90792 Total assets 28740 429789 418852 Owners' equity and liabilities Owners' equity Non-current liabilities Current liabilities Accounts payable Other current liabilities Total owners' equity and liabilities 225824 212244 62493 8706 1414631 119543 55483 56291 85980 62150 429780 418852 home the two-year period (2018-2019) taking into consideration the additional information provided on each ratio Show You workings and where applicable, round oft answers to two decimal places. Other current liabilities 56297 52934 Total owners' equity and liabilities esser 429700 2.1.1 Profit margin 2.1.2 Acid test ratio 141 2.1.3 Inventory turnover (Inventory for 2017: 69 870) 147 2.1.4 Debtors collection period (Current credit terms to debtors are 30 days) 2.1.5 Return on assets (Current rate on fixed deposits at banks-7.25 %. Current rate at banks for business loans 141 11%, the current inflation rate 5.6%) 2.2 Use the following information to calculate the economic order quantity: 15) Rich Distance Distributors purchases 750 snake repellers at R340 each per annum. The snake repellers are sold at R480 each at a steady rate during the year. The cost of placing a single order amounts to R20 Inventory holding cost amounts to R2.50 per unit. 2.3 Use the following information to calculate the cost of not accepting a discount: Reptile Wholesaler's normal credit terms to Rich Distance Distributors are 30 days but is prepared to allow a 4.5% rebate if Puff Adder Distributors pays the account within 15 days. Calculate the cost to Puff Adder Distributors of not accepting the discount. (5) 38 DK Y 2020 INTAVE PROGRAMME