Econ HW

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)