Suppose you are the economic adviser of a company producing three brands of mobile phones; Nokia…


Suppose you are the economic confederate of a community submissive three marks of movable phones; Nokia 10 , Samsung X and iPhone Z. Suppose prefer that, your community currently sells 120 items of iPhone Z at ¢800 per item, 150 items of Samsung X at ¢800 per item and 200 items of Nokia 10 at ¢100 per item, but in a bid to maximize advantage, the community’s managing leader proposes an growth in charge of Samsung X from ¢800 to ¢1000 per item for which amount call-fored is anticipated to lapse from 150 to 100 items; iPhone Z from ¢800 to ¢1200 per item for which amount call-fored is anticipated to lapse from 120 to 100 items; and Nokia 10 from ¢100 to ¢200 per item for which amount call-fored is expected to lapse from 200 to 100 items.i. Using the mid-point formula, scold the charge elasticity of call-for for each mark. (6 marks)ii. From your counter-argument in i, what is the stamp and economic rendering of each mark’s appreciate of elasticity. (4 marks)2. i. Briefly teach any three key features of a Perfect Competitive and a Monopolistic market (6 marks)ii. Show what happens to a engrossment determined uncounted in the long-run. (4 marks)