SUBMIT HARDCOPIESPROF DB SARP1. The table below shows information on the demand and supply for Chicken, where thequantities of Chicken are measured in thousands.osPriceGHS 120GHS 150Qdso364050485670Table 1. Demand and Supply for ChickenGHS 180GHS 210GHS 24040322824a. What is the quantity demanded and the quantity supplied of Chicken at a price ofGHS 210?b. At what price is the quantity supplied equal to 48,000 Chickens?c. Graph the demand and supply curve for Chickens. Determine the equilibrium priceand quantity from the graph?d. If the price was GHS 120, what would the quantities demanded and supplied be?Would a shortage or surplus exist? If so, how large would the shortage or surplus be?2. An exclusive Yoghurt manufacturer sells 4,000 gallons per month at a price of GHS 40each. When the price is reduced to GHS 30 sales increase to 6,000 gallons per month.a. Calculate the price elasticity of demand for the Yoghurts over this price range.b. Is demand elastic, unit elastic or inelastic?c. Calculate the change in revenue due to the change in price.3. Akua is a School of Agriculture graduate and consumes 2 goods: Yoghurt and Bread.Akua also earns a typical student income from the parents, GHS 400 a month. She caneither spend it all on Yoghurts and get 50, or she can spend it all on Bread and get 200loaves.a. Given this information, construct the equation for Akua's Budget Line.b. The following are the bundles that Akua can afford with her income:YoghurtBread1080| 20Fill the blanks in the table with the quantities that will exhaust Akua's income.c. Akua gets a research grant and her income increases to GHS 800 per month. What isthe new equation of her budget line? What if income stays constant at GHS 400 andthe price of Yoghurts increase to GHS10?d. Assume that prices are the same as used in part a. If the marginal utility of a Yoghurtis 20, what is the marginal utility of Bread if she is maximizing her utility?e. Now assume that Yoghurt and Bread are compliments for Akua. For her to consumeall her income of GHS 400, and the prices used in part a. What if Yoghurt is so SOURthat Akua needs 2 loaves of bread for every Yoghurt that she consumes?4. DBS Farms is a producer and retailer of farm products. DBS main products are Mangoes,Pawpaw and Pineapples. The current price of the Mangoes per Kilogram is GHS 50, thePawpaw/Kg is GHS 80 and the Pineapple is GHS 40. This year the DBS Farms sold 10,000kgs of Mangoes, 20,000 kgs of Pawpaw and 1 million kgs of Pineapples. In an attempt toimprove revenue, the managers of the firm have decided to increase all prices by 10%.Market research has suggested that the price elasticity of demand for each product is:Mangoes: - 1.5; Pawpaw: -2.5; Pineapples: - 0.6. You have been asked to evaluate theplanned price increases.a. Comment on the planned price changes.b. Would a 10% price reduction have been better for some or all of the products? SA. Explain how microeconomics differs from macroeconomics. Which of the followingheadlines, taken from the various issues of The Daily Graphic, deal with microeconomics:a. "Nestle Ghana posted a 18% increase in sales"b. "GRIDCO plans to slash more jobs"c. "Ghana's Output Grew by 5.8%"d. "Housing starts soared 10% in September"e. "Ghana to Breach key Deficit Target it helped to create"Explain each issue why it is a microeconomic issue5.B Justina owns the Just's Sobolo Store. She charges GHS10 per bottle for herhandmadesobolo. You, the economist calculated the elasticity of demand forsobolo in her town to be 2.5. If she wants to increase her total revenue, what advice willyou give her and why?Be able to explain your answer.

Question

SUBMIT HARDCOPIESPROF DB SARP1. The table below shows information on the demand and supply for Chicken, where thequantities of Chicken are measured in thousands.osPriceGHS 120GHS 150Qdso364050485670Table 1. Demand and Supply for ChickenGHS 180GHS 210GHS 24040322824a. What is the quantity demanded and the quantity supplied of Chicken at a price ofGHS 210?b. At what price is the quantity supplied equal to 48,000 Chickens?c. Graph the demand and supply curve for Chickens. Determine the equilibrium priceand quantity from the graph?d. If the price was GHS 120, what would the quantities demanded and supplied be?Would a shortage or surplus exist? If so, how large would the shortage or surplus be?2. An exclusive Yoghurt manufacturer sells 4,000 gallons per month at a price of GHS 40each. When the price is reduced to GHS 30 sales increase to 6,000 gallons per month.a. Calculate the price elasticity of demand for the Yoghurts over this price range.b. Is demand elastic, unit elastic or inelastic?c. Calculate the change in revenue due to the change in price.3. Akua is a School of Agriculture graduate and consumes 2 goods: Yoghurt and Bread.Akua also earns a typical student income from the parents, GHS 400 a month. She caneither spend it all on Yoghurts and get 50, or she can spend it all on Bread and get 200loaves.a. Given this information, construct the equation for Akua's Budget Line.b. The following are the bundles that Akua can afford with her income:YoghurtBread1080| 20Fill the blanks in the table with the quantities that will exhaust Akua's income.c. Akua gets a research grant and her income increases to GHS 800 per month. What isthe new equation of her budget line? What if income stays constant at GHS 400 andthe price of Yoghurts increase to GHS10?d. Assume that prices are the same as used in part a. If the marginal utility of a Yoghurtis 20, what is the marginal utility of Bread if she is maximizing her utility?e. Now assume that Yoghurt and Bread are compliments for Akua. For her to consumeall her income of GHS 400, and the prices used in part a. What if Yoghurt is so SOURthat Akua needs 2 loaves of bread for every Yoghurt that she consumes?4. DBS Farms is a producer and retailer of farm products. DBS main products are Mangoes,Pawpaw and Pineapples. The current price of the Mangoes per Kilogram is GHS 50, thePawpaw/Kg is GHS 80 and the Pineapple is GHS 40. This year the DBS Farms sold 10,000kgs of Mangoes, 20,000 kgs of Pawpaw and 1 million kgs of Pineapples. In an attempt toimprove revenue, the managers of the firm have decided to increase all prices by 10%.Market research has suggested that the price elasticity of demand for each product is:Mangoes: - 1.5; Pawpaw: -2.5; Pineapples: - 0.6. You have been asked to evaluate theplanned price increases.a. Comment on the planned price changes.b. Would a 10% price reduction have been better for some or all of the products? SA. Explain how microeconomics differs from macroeconomics. Which of the followingheadlines, taken from the various issues of The Daily Graphic, deal with microeconomics:a. &#34;Nestle Ghana posted a 18% increase in sales&#34;b. &#34;GRIDCO plans to slash more jobs&#34;c. &#34;Ghana's Output Grew by 5.8%&#34;d. &#34;Housing starts soared 10% in September&#34;e. &#34;Ghana to Breach key Deficit Target it helped to create&#34;Explain each issue why it is a microeconomic issue5.B Justina owns the Just's Sobolo Store. She charges GHS10 per bottle for herhandmadesobolo. You, the economist calculated the elasticity of demand forsobolo in her town to be 2.5. If she wants to increase her total revenue, what advice willyou give her and why?Be able to explain your answer.

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