The Australian Consumer Law (‘ACL’) has provisions to protect consumers.

Which of the following is NOT one of these ACL provisions? 

Please refer to the case study of the week 4 tutorial. Which of the following does NOT best describe Qantas Group’s approach to stakeholders? 

Choose two answers.  

George owns a cake shop, which he spends his days managing. If he were to shut it down, he could work as pastry chef earning $400 per day. He also pays $200 per day to rent the building. His expenses on staff and ingredients depend on how many cakes his shop makes per day and are given by the following table.

If George’s shop produces 8 cakes, his marginal cost is _____, and his average cost is _____.

A local sandwich shop faces the following costs of production per hour depending on how many sandwiches it makes.

Suppose that the market for sandwiches is perfectly competitive. If the market price of a sandwich is $3.50, the shop will make sandwiches per hour.

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.

George owns a cake shop, which he spends his days managing. If he were to shut it down, he could work as pastry chef earning $400 per day. He also pays $200 per day to rent the building. His expenses on staff and ingredients depend on how many cakes his shop makes per day and are given by the following table.

If George’s shop produces 8 cakes, his marginal cost is _____, and his average cost is _____.

A local sandwich shop faces the following costs of production per hour depending on how many sandwiches it makes.

Suppose that the market for sandwiches is perfectly competitive. If the market price of a sandwich is $3.50, the shop will make sandwiches per hour.

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.