Suppose there is a flood that damages the iceberg lettuce crop. At the same time, there is a 20% off sale for spinach, a substitute for iceberg lettuce. 

What will happen to the equilibrium price and quantity of iceberg lettuce following these two events?

Suppose that Ron and Karen have a boutique bakery where they make only cakes and biscuits. Their daily productivity is reported in the table below.

Ron’s opportunity cost of producing a kilogram of cake is kg of biscuits.

Suppose the smell from Paula and Dean’s baking is causing tummies to rumble. The private market for pies is given by: 

Demand: P = 36 – 2Q 

Supply: P = 3 + Q 

The delicious scent in the air is creating an external benefit of $6 per pie. 

The table below gives the amount of time in minutes it takes

Paula and Dean to produce the crust and pie filling for one pie.

Working together, what is the most pies Paula and Dean can

produce in an 8-hour day?

Suppose that demand for coriander is given by: 

P = 16 – 0.5Q 

1. Calculate the price elasticity of demand (PED) for coriander at $10. 

Note: Please report a positive number and round to two decimal places. 

Choose Carroll’s (1979) four indicators of corporate social performance.

Consider the tutorial case study provided in Week 4: 

According to the Australian Competition and Consumer Commission (ACCC), the lack of effective competition in Australia’s domestic airline industry may NOT result in the following:

Rajah agrees with Lakshmi for valuable consideration to employ Michael as an auditor. Rajah fails to do so and employs another auditor, Toby instead. What rights (if any) do Lakshmi and Michael have against Rajah? 

Angelo ordered a new luxury hybrid car from Luxuryplus Motors on 10 September. He specified that it was to be a new Black Porsche Panorama Hybrid, with air conditioning, power steering, hand sewn leopard print leather seat covers, and a Bose @Porsche surround system. It was agreed that the car would be delivered on 24 October in time for Angelo's birthday. On the due day, Angelo went to the dealer's premises and found that the car was ready for collection. Angelo made sure that all his specific requirements had been fulfilled. 

Does this bring the contract to an end?