1. From a purely business or commercial standpoint, operations management refers to the proper and effective planning, controlling, and supervision of the entire manufacturing, production and distributional process of any product or service with the primary objective of enhancing and improving the qualitative and efficiency aspects associated with the supply chain and logistics management or system of any product or service. Hence, operations management is extremely crucial to effectively supervise and channelize the manufacturing and distribution process of any good or service in accordance with the respective needs, demands, and specifications of the entire supply chain and logistics system pertaining to that particular good or service. In this context, an effective and fruitful operations management can practically assist in various aspects of supply chain and logistics management. First, operations management can enable any business organization or company to effectively and consistently maintain superior product or service quality in accordance with the specific needs and expectations of the final consumers or buyers. The regular periodic quality inspection or assessment can basically ensure that the production mechanisms and design include or incorporate the particular attributes and considerations that the final consumers or buyers expects from any particular product or service. Furthermore, an effective operations management can also accurately determine the overall amount of resources of factors or inputs of production that might be required to manufacture any specific product or service to attain the desired productive efficiency. Now, this can be an evidently essential consideration for any business organization or company which can potentially certain the required productivity in order to appropriately meet the consumer demand for any concerned good or service leading to an efficient and fruitful operational and manufacturing management. Secondly, operations management can also aid the organizational management to enhance or improve the economic efficieny of the production process by reducing or controlling the overall operational and production costs or expenses and achieve relatively higher production level which can consequently increase the revenue level of the organizations or companies. Therefore, through operations management the companies or organizations can determine various cost-effective and economically efficient production and operational strategies thereby enabling the attainment of economies of scale and financially sustainable long-term production level in conjunction with the consumer demand and expectations enhancing the revenue generation and profitability in the process. Thirdly, consistent and regular quality assessment or evaluation under the operations management can also improve the overall sales process and performance of any organization or company thereby subsequently enhancing or improving the overall customer experience and satisfaction which is extremely crucial for long-term commercial success and growth of any company or organization. In this regard, operations management can enable any company to ensure that the desired and expected quality standards and specifications of the concerned product or service are appropriately maintained in accordance with the customer needs and speficiations which can eventually develop and strong and long-term consumer goodwill and market reputation. Fourthly, operations management can also help by organization or company to effectively fulfill some of its core operational functions and objectives such as customer service, consistently maintaining product or service quality, financing and cost control, proper warehouse or inventory management, etc. As explained, the operations management can immensely contribute to the consistent and sustainable maintenance of desired product/service quality and design in accordance with the dynamic preferences and needs of the final consumers and buyers thereby generating customer satisfaction leading to a consequent increase in revenue generation and profitability. It can also assist the organizational management or administration to effectively plan or strategize the cost-effective production or manufacturing methods and techniques through optimal cost allocation and utilization of the financial resources of the company in the entire production process. This can generally lead to higher productivity and economies of scale in the production process thereby subsequently contributing to higher profitability. Lastly, operational management also facilitates regular inventory and warehouse control by efficiently managing and regulating the overall inventory strength in order to adequately fulfill the consumer demand within the concerned time period. Therefore, it can also be used to periodically keep track of the inventory inflow and outflow or the balance that would sufficiently fulfill the current and expected future sales volume.

2.

The world entered the COVID-19 pandemic with constant, previous outer imbalances. The emergency has caused a sharp decrease in trade and critical developments in return rates however restricted decrease in worldwide current record deficits and surpluses. The viewpoint remains exceptionally questionable as the dangers of new influxes of disease, capital stream inversions, and a further decrease in worldwide trade actually pose a potential threat not too far off.

- Research suggest that general current record deficits and surpluses in 2019 were simply under 3 percent of world GDP, marginally not exactly a year sooner. Most recent figures for 2020 infer just a further narrowing by some 0.3 percent of world GDP, a more unobtrusive decrease than after the worldwide monetary emergency 10 years prior.

- While there are valid justifications for nations to run them at specific focuses in time. In any case, economies that acquire excessively and excessively fast from abroad, by running outer deficits, may get powerless against unexpected stops in capital streams. Nations likewise face hazards from contributing a lot of their reserve funds abroad given speculation needs at home. The test lies in deciding when imbalances are exorbitant or represent a danger.

- Our advice will be as follows :

o Strategy endeavors in the close to term should keep on zeroing in on giving life savers and advancing financial recuperation.

o Nations with adaptable trade rates would profit by proceeding to permit them to alter in light of outer conditions, where plausible.

o Foreign trade mediation, where required and where stores are sufficient, could help ease confused economic situations. For economies confronting troublesome equalization of installments pressures and without admittance to private outside financing, official financing and trade lines can help give monetary alleviation and safeguard basic medical services spending.

o Levy and nontariff obstructions to trade ought to be maintained a strategic distance from, particularly on clinical hardware and supplies, and late new limitations on trade moved back. Utilizing levies to target two-sided trade adjusts is exorbitant for trade and development, and will in general trigger counterbalancing cash developments.

o Levies are likewise commonly inadequate for diminishing abundance outside imbalances and cash misalignments, which requires tending to fundamental macroeconomic and auxiliary bends.

o Over the medium term, diminishing abundance imbalances in the worldwide economy will require joint endeavors with respect to both overabundance surplus and overabundance deficit nations.

o Monetary and strategy twists that originated before the COVID-19 emergency may continue or decline, proposing the requirement for changes custom fitted to nation explicit conditions.

o If the country has abundance current record deficits before the emergency reflected bigger than-alluring monetary deficits (as in the United States) and where such imbalances endure, financial solidification over the medium term would advance obligation maintainability, decrease the overabundance current record hole, and encourage raising worldwide stores where required (as in Argentina). Nations with trade intensity difficulties would profit by profitability raising changes.

o In economies where overabundance current record surpluses that existed before the emergency persevere, organizing changes that support speculation and debilitate inordinate private sparing are justified. In economies with staying financial space, a development arranged monetary strategy would fortify monetary strength and limited the overabundance current record surplus. Sometimes, changes to dishearten inordinate prudent sparing may likewise be justified (as in Thailand and Malaysia) including by extending the social wellbeing net.

3.

Own price elasticity of demand is for burgers is -0.5

Since absolute value of own price elasticity is less than 1 , own price elasticity of burger is inelastic

price elasticity of -0.5 indicates that when price of burgers increased by 10% demand for burger reduced by 5%

According to total expenditure method, elasticity of demand can be measured by considering the change in price and the subsequent change in the total quantity of goods purchased and the total amount of money spent on it.

Total Outlay = Price X Quantity Demanded

There are three possibilities:

(i) If with a fall in price (demand increases) the total expenditure increases or with a rise in price (demand falls), the total expenditure falls, in that case the elasticity of demand is greater than one i.e. ED > 1.

(ii) If with a rise or fall in the price (demand falls or rises respectively), the total expenditure remains the same, the demand will be unitary elastic or ED = 1.

(iii) If with a fall in price (Demand rises), the total expenditure also falls, and with a rise in price (Demand falls) the total expenditure also rises, the demand is said to be less classic or elasticity of demand is less than one (ED < 1).

Since given situation comes under 3rd possibilities i.e. an increase in the price of burgers would increase expenditures on burgers.

Also  when demand is price inelastic, then increasing price will decrease revenue

Therefore correct option is option e