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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 to www.cengage.com/sso (Links to an external site.)Links to an external site. web site. At Bookshelf of Arnold economics of 11th edition, click Economics Course Mate of Economics(11th ed) by Roger A Arnold . Then, click "select the chapter" for Ch3 and try "Working with Diagrams" video under left 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 Ch 1, 2 , 3, 4 and 5 (all chapter content) under left side menu bar at www.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)