The purpose of this assignment is to apply your learning from this week to real-world business situations.

Complete the following questions from the required Economics for Managers textbook:

• Chapter 4: Technical Question 1 (a, b, and c) on page 112 (40 points)
• Chapter 5: Application Questions 3 on page 141 (30 points)
• Chapter 5: Exercise Question 3 on page 138 (30 points)

Please provide sufficient details to your responses and show all your work for numerical problems.

General Assignment Instructions

When you complete each week's homework, you will do the following for each assigned question in order to provide an in-depth response that fully answers the question.Your responses should be separated by each question, but if the homework requires that you answer more than one question, you should submit them in the same file.

An in-depth response for a question typically involves:

• Analyzing the question
• Introducing, defining, and correctly applying key relevant concepts
• Connecting the question and concepts to other concepts in the course and/or the textbook and other outside sources
• Illustrating the response with examples and/or graphs, tables, or charts

Support your major arguments with credible sources, when appropriate for the question.The sources may be scholarly articles or reputable business periodicals. The articles should directly relate to managerial economics.Do not use Wikipedia or Investopedia as your sources.

Farnham, P.G., (2014) Economics for Managers, Third Edition. Pearson.