explain briefly with explanation

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 B 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)3. In a steep company with 20 workers. the total product per day is 600. However. when the workers incread to 40 workers, the total product is 800. a. Calculate the marginal product of labour? {5 marks] b. Find the average product of labour when there are 40 workers? (5 marks) 4. Assuming all units of labour cost $100 and its the same for all workers, ll in the blanks ( 2 marks each) Units of labour Total output Total variable Marginal cost Average variable cost cost 0 5. Ace Acumen wants to make a decision on whether to hire more workers or reduce the number of Its staff a. Assuming the marginal revenue product is greater than wages, should Ace Acumen hire or reduce its staff? Explain ( 5 marks] b. Assuming the marginal revenue product is less than wages, should Ace Acumen hire or reduce its staff? Explain ( 5 marks} 6. Dene the following a. Monopoly (4 marks) b. Oligopoly (4 marks) c. Monopolistic competition (4 marks) d. Perfect competition (2 marks)