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Q.1 Answer the following questions in brief, supporting with calculations where asked. [3+2+3=8] (a) Ram has a budget of
Posted: Thu May 05, 2022 6:14 am
by answerhappygod
- Q 1 Answer The Following Questions In Brief Supporting With Calculations Where Asked 3 2 3 8 A Ram Has A Budget Of 1 (80.56 KiB) Viewed 57 times
Q.1 Answer the following questions in brief, supporting with calculations where asked. [3+2+3=8] (a) Ram has a budget of Rs. 120 for breakfast. Price of each unit of muffin is Rs. 20 and price of each unit of donut is Rs. 15. His baker packs the following for his breakfast: 3 units of muffins and 4 units of donuts Ram's marginal utility for these foods is given here: Units MU of muffin MU of donut 1st 100 105 2nd 95 95 3rd 90 80 70 75 5th 60 30 Question: Has his baker made the right choice for Ram? Support your answer with calculations. (b) State anyone of the ten economic principles for managers. Also, state a corresponding challenge faced by managers in real world when they want to implement the principle well. (c) Assume that "Chai Point" sells a cup of tea for Rs. 9. On an average of 48 people visit and order a cup of tea at a price of Rs.9. When "Chai Point" raises the price to Rs. 12 per a cup of tea, only 42 people visit and order a cup of tea (hint: solve (i) using simultaneous equation) Questions: (i) Assume that demand curve is linear- find the equation for demand curve. (ii) If the rent paid/week which is Rs. 200 is the fixed cost & variable cost per unit is Rs. 3.00, is this a profitable business? (iii) How much will be the profit or loss per week with initial and later price? 4th