This economics question tests your understanding of economic models and analysis. The step-by-step answer below applies the relevant framework and explains the reasoning.
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Here are the solutions to the questions: Question 14: If the supply of petrol decreases, with demand remaining constant, the price of petrol will increase. This higher price will then lead to a decrease in the quantity of petrol demanded. The correct option is B. B. Demand decrease resulting in price increase Question 15: To find the total payable amount for Doris, we add her borrowed amount and the interest amount. Step 1: Identify Doris's borrowed amount and interest amount from the table. Borrowed Amount (Doris) = K2000 Interest Amount (Doris) = K360 Step 2: Calculate the total payable amount. Total Payable Amount = Borrowed Amount + Interest Amount Total Payable Amount = K2000 + K360 Total Payable Amount = K2360 The correct option is C. C. K2360 Question 16: To find the interest amount Lucy requires to pay, we use her borrowed amount and the annual interest rate. We assume the interest is calculated for one year, consistent with Doris's data (K2000 at 18% for 1 year = K360 interest). Step 1: Identify Lucy's borrowed amount and the annual interest rate. Borrowed Amount (Lucy) = K6000 Annual Interest Rate = 18% or 0.18 Step 2: Calculate the interest amount. Interest Amount = Borrowed Amount × Annual Interest Rate Interest Amount = K6000 × 0.18 Interest Amount = K1080 The correct option is A. A. K1080 Question 17: John, Andy, and Peter contributed K2500 in a partnership business in the ratio of 2:4:6. We need to find John's contribution. Step 1: Calculate the total number of parts in the ratio. Total Parts = 2 + 4 + 6 = 12 Step 2: Calculate the value of one part. Value of One Part = Total ContributionTotal Parts Value of One Part = K250012 Value of One Part ≈ K208.33 Step 3: Calculate John's contribution (John's ratio is 2). John's Contribution = John's Ratio × Value of One Part John's Contribution = 2 × K250012 John's Contribution = K500012 John's Contribution ≈ K416.67 Rounding to the nearest whole number or matching the closest option, K417 is the best fit. The correct option is A. A. K417 3 done, 2 left today. You're making progress.