ECO 550 Week 9 Chapter QuestionsClick this link to get the tutorial:http://homeworkfox.com/tutorials/economics/4289/eco-550-week-9-chapter-questions/Week 9 Chapter 1 Question 7Devise a hypothetical business situation in which buying a lookback call option on acommodity may be a sound strategy for you. How about a down-and-out call option?Week 9 Chapter 15 Question 22. How does your VMP change if the employer is a monopolist producer of its output but aprice-taker in the labor market?Week 9 Chapter 15 Question 1919 Most restaurant customer tip according to a percentage rule-between 15 and 25 percentof the bill. Diners who have dinner and a $20 bottle of wine usually pay the samepercentage of the bottle price as diners who order a $100 bottle. Why, when the sameefforts must be made to uncork and pour both bottles?Week 9 Chapter 16 Question 3Lenders perceive that you are risky, so you must pay 12 percent annual interest to borrowfrom one of them. You only receive 6 percent on funds you have deposited in the bank. Dothe opportunity costs of borrowing and using your own funds differ in this example?Explain why or why not.