kindly solve the questions i posted 1. Auntie Maame Freda runs a big provision shop at Ofanko.Recently, she has noticed a shortage in her products at theend of every month. She is suspecting that there might be atheft situation happening in the area hence she has decidedto hire guards for her shop. Suppose each guard is paidGHC400 a month and the cost incurred for a stolen bundleof provision is GHC50, as a student of managerialeconomics, help Auntie Maame Freda solve the followingquestions.Employment of guards Amount of bundles ofprovision stolen per month10060403.28416512a. Construct a total benefit, total cost, marginal benefit andmarginal cost table for the shop.b. How many guards should the shop hire? 2. a. Use the three determinants of demand to explain whyyou think demand for Axe Body spray deodorant is elasticor inelastic over a 3-year period.b. Use the three determinants of demand to explain whyyou think demand for (cow's)milk is elastic or inelastic over a 1-month periodc. Identify three products that you expect to be normalgoods and describe why they arelikely to be normal goods.d. Identify one product that you expect to be an inferiorgood and describe why that good is likely to be an inferiorgood.e. Identify two sets of substitute products. Give an examplecross-price elasticity ofdemand for each set.f. Identify two sets of complementary products. Give anexample cross-price elasticity ofdemand for each set.

Since you have asked multiple questions, we will solve the first question for you. If you want any…

1. Auntie Maame Freda runs a big provision shop at Ofanko. Recently, she has noticed a shortage in her products at the end of every month. She is suspecting that there might be a theft situation happening in the area hence she has decided to hire guards for her shop. Suppose each guard is paid GHC400 a month and the cost incurred for a stolen bundle of provision is GHC50, as a student of managerial economics, help Auntie Maame Freda solve the following questions. Employment of guards Amount of bundles of provision stolen per month 100 60 40 28 4. 16 12 a. Construct a total benefit, total cost, marginal benefit and marginal cost table for the shop. b. How many guards should the shop hire?

1. Auntie Maame Freda runs a big provision shop at Ofanko. Recently, she has noticed a shortage in her products at the end of every month. She is suspecting that there might be a theft situation happening in the area hence she has decided to hire guards for her shop. Suppose each guard is paid GHC400 a month and the cost incurred for a stolen bundle of provision is GHC50, as a student of managerial economics, help Auntie Maame Freda solve the following questions. Employment of guards Amount of bundles of provision stolen per month 100 60 40 28 4. 16 12 a. Construct a total benefit, total cost, marginal benefit and marginal cost table for the shop. b. How many guards should the shop hire?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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