Q 1.
(a).
Demand Point is price elasticity of demands at a certain point on demand curve that
eliminates the entire range. Demand elasticity could be calculated using either Arc or Point
method. For arc elasticity, price is calculated by adding two different points, while in the point
elasticity, price is calculated by adding 2 distinct points on timeline (Baker, Kumar and Pandey,
2021). Except for demands point elasticity, the arc elasticity is required for major shifts
and value stays constant regardless of the price value level shifts. Because of high sugar
content, court ruled that bread sold at Subway, US chain that sells massive sandwiches across
110 nations and territories should not be classified as bread. Decision came after Bookfinders
Plc, Subway's Irish franchisees, filed an appeal. Organization said that bread utilized in
Subway's sandwiches qualifies as staple food and is therefore VAT-free. However, as court said,
Ireland's 1972 Value-Added Tax distinguishes between staple foods like bread, tea, espresso,
cocoa, milk, including "preparations or components of meats or eggs as well as "more optional
indulgences" like ice cream, cake, pastries, biscuits, popcorn, including roasted nuts. The act's
stringent requirement that the quantity of sugar element in the bread will not exceed 2percent
of weight of flour used in dough" was the deciding factor. Economics as well as statistics are two
concepts that are intertwined. The powers of demands and supply are at the heart of all economic
operations. Statistics is technique that offers a realistic application for theoretical economic
understanding. As a result, point elasticities of demand could be explained using the following
computational expressions:
3

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Irish High Court Rules Subway's Sandwich Bread Isn't Legally Bread

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