Principles of Microeconomics
three Q only
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Answer all the questions given below the case studies. For every question given, it should be answered with minimum fifty hundred (50) words and
maximum hundred (100) words per question.
Part-IV
When the business was launched, initially they offered eight (8) types of meat dishes, vegetable dishes and seafood. There are also desserts and sandwiches. Knowing that they have competition with another homemade food delivery company, the business lowered its price from 5 RO to 3 RO per dish. Likewise, the number of dishes was increased to ten (10).
Q6 What kind of elasticity is being shown here? Calculate the elasticity. (5 Marks)
part V
In order to minimize costs, the business uses a vacant room in one of the partners’ house to store the products. The business is also being run by members of the family like their wives and Zara and the other children. They deliver the products to the different shops using their own van. They deliver the products to the different shops using their own van. Power and Wi-Fi per month cost the business 400 RO. Raw materials which are the ingredients for the food costs 250 RO per week. Petrol is about 60 RO per month. Repairs and maintenance of the van costs 30 per month. Salaries in the form of allowances to the two Helpers cost 35 RO each per month. Profit for the first month was 3000 RO and during the second month it increased to 5,000 RO.
Q7 Solve for the firm’s: 1) fixed cost; 2) average fixed cost; 3) average variable cost; 4) average total cost and 5) marginal revenue for the first and second month. (5 Marks)
Part- VI
Putting in mind the situational demands for their homemade foods, the business relates with their customers on a daily basis. The business keep tract of the market prices and the news related to the operation of the business. Zara being a college graduate is a big help to the business. She gives feedback and suggest strategies to her father and the partners. Now they are concentrating only on specific dishes per day but since she is aware of the competition, the business will try to keep operating. There may be seasons that the business may just break even and they are expecting this.
Q9 What kind of market structure is being described here and what other
characteristics does this market structure show. (5 Marks)
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