explain briefly

Question 1 a. Below is the data gathered from economic research on elasticities of demand for soda Income elasticity -0.25 Cross elasticity of soda and hotdog -0.65 Cross elasticity of soda and Orange juice 0.22 i. Is Soda an inferior good or a normal Good? Explain (4 marks) ii. Is hotdog a substitute or a complement good? Explain (4 marks) iii. What does the relationship between orange juice and soda tell us? (4 marks) b. Given the following data below Quantity demanded Price 2019 134 $ 135 2020 145 $ 100 i. Calculate price elasticity of demand using the midpoint method? (4 marks) ii. Draw the demand curve (4 marks) Question 2 a. A company has owners who work in that company and are personally liable if the company runs into a debt. What type of ownership arrangement does this company have? ( 2marks) b. A baker applies three different methods in baking bread. Method Labour input Output Cost A 5 hours 200 loaves of bread $ 500 8 hours 200 loaves of bread $ 650 2 hours 200 loaves of bread $ 550 i. Which process is the most technically efficient? Explain your answer (4 marks) ii. Which process is the most economically efficient? Explain your answer (4 marks)