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1. Imagine a group of students go for a meal in a pizza restaurant and order a round of locally produced drink. The waiter (a student on minimum wage) tells them that bottles of another brand of imported drink are on special offer. What might be the result in terms of the demand curve for the local drink? What effect would it have on the demand curves for complementary goods such as pizza? Talk through the results without drawing the curves, and give your conclusion. Second, draw graphs indicating the market for both the local drink and pizza before and after the waiter’s announcement.
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Amina, Usman who is a merchant dealer in Yobe state deals in
three products namely Gold, Ball pen and Diamond. In her book
of account were found sales for the month of August 2002 in the
following order.
3 Gold, 5 Ball pens and 6 Diamond were sold at Damaturu.
5 Gold, 7 Ball pens and 4 Diamond were sold in Potiskum
Total products sold at Gashua were in the ratio 1: 2: 2 for God,
Ball pen and Diamond respectively.
If the sales in Damaturu summed up to N6, 000, that of Potiskum
summed up to N7, 000and that of Gashua summed up to N6, 000.
Required
(i) Present the information using matrix algebra.
(ii) At what rate was each product sold.
Amina, Usman who is a merchant dealer in Yobe state deals in
three products namely Gold, Ball pen and Diamond. In her book
of account were found sales for the month of August 2002 in the
following order.
3 Gold, 5 Ball pens and 6 Diamond were sold at Damaturu.
5 Gold, 7 Ball pens and 4 Diamond were sold in Potiskum
Total products sold at Gashua were in the ratio 1: 2: 2 for God,
Ball pen and Diamond respectively.
If the sales in Damaturu summed up to N6, 000, that of Potiskum
summed up to N7, 000and that of Gashua summed up to N6, 000.
Required
(i) Present the information using matrix algebra.
(ii) At what rate was each product sold.
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