Question 1. You are asked to advice on the relationship between two products. The only information you know is that if you increase the price of your product from OMR 1.600 to OMR 2.000, the demand for your competitors' product increases from 1,000 units to 1,400. (a) Name the economic tool you will use to help your advice? (b) What is the relationship between yours and your competitor's product? Show all working. Question 2: Calculate the missing values in the following table. Show all formula and calculations in detail. (Answers not showing the details of calculations & formula will be awarded only fifty percent marks for this question.) Output (Units) TC (OMR) AC (OMR) MC (OMR) 55 85 110 130 40 42 280 90 110 610 10 150

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