ow are scarcity and shortage different from each other? a) scarcity affects parts of society and shortage affects everyone b) scarcity affects evryone and shortage affects parts of society c)Scarcity is temporary and shortage is permantent d) scarcity is permanent and shortage is temporary

Topic One: Substitutes and Complements 1. How do retail stores display their merchandise taking into account substitute or complementary goods? Give some examples. 2. Have your purchases been influenced by these marketing techniques? Give some examples. Topic Two: Measuring Opportunity Cost How would you suggest to measure the opportunity cost of a parent that chooses to play with their child vice play sudoku? How would you measure the opportunity cost of the kid? Topic Three: Marginal Analysis, Opportunity Cost We read this week that opportunity cost must be used to make rational decisions, we also read that people should make decisions after considering marginal benefit versus marginal cost. Could you think in situations that you could use opportunity cost, marginal benefit and marginal cost concepts to make your own decisions? Provide examples.

Begin with the market for slushies in equilibrium. What will happen to the equilibrium quantity of slushies if the price of sugar increases? Will the equilibrium quantity of slushies increase, decrease, or stay the same if the price of sugar increases? A increase B decrease C) stay the same

Table 3 This table refers to five possible buyers' willingness to pay for a case of Vanilla Coke. Buyer Willingness To Pay David $8.50 Laura $7.00 Megan $5.50 Mallory $4.00 Audrey $3.50 Refer to Table 3. If the price of Vanilla Coke is $6.90, who will purchase the good? Select one: a. all five individuals b. Megan, Mallory and Audrey c. David, Laura and Megan d. David and Laura

In each problem, you must explain the scenario’s effect on the market. If the quantity supplied or the quantity demanded changes, state how (increase or decrease). If one of the curves shifts, state why and the direction it shifts (left or right). You should then state the effect on price (increase or decrease). 1. You grow cotton and Eli Whetney just invented the cotton gin. 2. A hurricane is predicted to hit the rich coffee growing areas of Colombia. You sell coffee.  3. Congress just passed a tax credit for energy effiecent home improvements. You sell solar panels.  4. Soldiers comes home from WWII, get married, and need housing for their familes. You build houses. ANSWER QUESTIONS 1-4

Need help with Evaluation Evolution Question 3 asks how easily the quantity supplied of salmon can be changed in response to changes in its price. In your answer, write about the short term - if the price of salmon doubled today, for example, could the quantity supplied of salmon double in the next year? What are the constroints on increasing supply? Then consider the long term. What are the constraints on increasing supply and how important are they? Come to an overall condusion about the short term and long term.