There's total of 7 questions please I need help in answering all

Question 6 12.5 pts Describe the difference between nominal and real interest rates. If you are the president of a bank, which would you rather see: an increase in nominal or an increase in real interest rates? Explain your answer. Question 8 12.5 pts Business A is able to vary all of its inputs in a period of time no shorter than 3 years. Business B is able to vary all of its inputs within 3 weeks. What kind of business could business A be, and what kind of business could business B be? D Question 5 12.5 pts Let's assume that a business is operating in the short run. When it uses 1 building, 5 machines, and 2 workers, it produces 20 products. When it uses 1 building, 5 machines, and 4 workers, it produces 50 products. When it uses 1 building, 5 machines, and 6 workers, it produces 110 products. When it uses 1 building, 5 machines, and 8 workers, it produces 180 products. When it uses 1 building, 5 machines, and 10 workers, it produces 200 products. When it uses 1 building, 5 machines, and 12 workers, it produces 210 products. When it uses 1 building, 5 machines, and 14 workers, it produces 218 products. With the hiring of which workers does the law of diminishing marginal returns begin? Explain your answer. A firm wants to increase its sales revenue. It knows that its product is elastic. What pricing strategy do you recommend for the firm? Explain your answer. Let's say that a product has a steep (almost vertical) demand curve. Is this product more likely to be elastic or inelastic? Explain. What does it mean if a product is perfectly inelastic? What types of products are perfectly or close-to-perfectly inelastic? Consider two products, A and B. If you know that these products have a cross price elasticity of demand of +1.5, what does it mean? Give an example of two products, which are likely to have a positive cross price elasticity of demand. Explain. Let's suppose that all the gas stations in the area increase their average prices of gasoline from $2.80 to $3.20 per gallon. They subsequently discover that the number of gallons of gasoline sold declines from 80,500 gallons to 79,500 gallons. What is the price elasticity of demand for gasoline based on the above numbers