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a) Yesterday, the price of a packet of sachet water was ȼ3.00, and Sompa was willing to buy 10 packets. Today, the price has gone up to ȼ3.75 a packet, and Sompa is now willing to buy 8 packets. Is Sompa's demand for sachet water elastic or inelastic? What is her point elasticity of demand at the original price? What is the mid-point elasticity of demand?


Give an outline of the differentiating characteristics of a monopoly and a oligopoly market structure
You are given the following hypothetical information about the Commodity and Money markets of a closed economy without government intervention.
The commodity market
Consumption function: C = 100 + 0.3Y
Investment function: I = 2,000 – 2.1r
The Money Market
Lt = 0.2Y (transaction demand for money function)
Ls = 10 – 2r (speculative demand for money function)
MS = 1,500 (money supply function)
a.) Derive the IS curve. ( 1 marks)
b.) Derive the LM curve ( 1marks)
c.) Derive the equilibrium level of income and rate of interest. ( 4 marks)
d.) If the money supply is increased by 75, what would be the effect on the equilibrium level of income and rate of interest
Given a hypothetical consumption function of the form:
Y = C + I0 + G0
C = α + β
Where: = Y – T
Y = Income
T = Taxes
Compute the equilibrium level of income and consumption (4 marks)
The demand curve will not shift if...

consumers prefer less of the product.
a substitute product is available for a lower cost.
the price of the product decreases by 20 percent.
the number of buyers decreases.
discuss the profit maximizing position of a perfectly competitive firm in both the short run and long run
with the aid of diagrams explain the relationship between price elasticity of demand and total revenue
The auditors investigated and reported that the section manager responsible for major purchases had paid invoices to a company which he and his wife owned. The amount paid to the company was in excess of $500,000.

The section manager was responsible for signing off on work completed, or supplies received, and authorising payments. His wife was responsible for issuing the cheques. Both were signatories to the cheque account.

What breaches of internal control were there and what modifications to procedures would you implement?
The auditors investigated and reported that the section manager responsible for major purchases had paid invoices to a company which he and his wife owned. The amount paid to the company was in excess of $500,000.

The section manager was responsible for signing off on work completed, or supplies received, and authorising payments. His wife was responsible for issuing the cheques. Both were signatories to the cheque account.

What breaches of internal control were there and what modifications to procedures would you implement? Prepare a 5 page report outlining your suggested course of action.
The California State University System has raised its fees by 10%. Would the demand for these universities (such as San Diego State University or CSU – San Marcos) be relative elastic or inelastic? Use the three factors to explain why.
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