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1) What is the definition of opportunity cost ? Give an example (1 point).
2) Compare the difference between Change in Demand and Change in Quantity demanded(1 point).
3) At what price does Shortage and Surplus occur ? Once a market has shortage and Surplus then what happens to the market price? (1 point)
4) With a given demand if there is a decrease in Supply what happens to an equilibrium price and output sales? (1 point)
5) Treasure Hunt: a) Go towww.cengage.com/sso(Links to an external site.)Links to an external site. web site. At Bookshelf of Arnold economics of 11th edition clickEconomics Course Mate of Economics(11th ed) by Roger A Arnold . Then click select the chapter for Ch3 and try Working with Diagrams video underleft side menu bar to get access to Ch3: supply and demand theory(all chapter content). Summarize six(6) graphing workshops video lectures. (3 points)
b) After watching BBC Video of Ch1 2 3 4 and 5 (all chapter content) underleft side menu baratwww.cengage.com/sso(Links to an external site.)Links to an external site. analyze the contents of those videos by relating into economic theories. (3 points)