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150 word response to the following 4 questions Please number responses based on instructions

Date Posted: 24/10/2021
Category: Economics
Due Date: 24/10/2021
Instruction
(1)Explain why the consideration of opportunity costs may be very relevant to a firm. How can opportunity costs affect a business decision? Use an example to support your answer. (2)Life is filled with trade-offs and opportunities. These trade-offs and opportunities come with costs, also referred as opportunity costs. Please explain why the consideration of opportunity costs may be very relevant to a firm. How can opportunity costs affect a business decision? Use an example to support your answer. (3)Think about a good or service for which you believe there has been a shift in demand or supply. Explain the reasons behind the shift and how that has influenced the equilibrium price. (4)One of the most exciting empirical analysis that you can do is examining the relationship between supply and demand for products or services, and show the price at which these variables intersect or meet (so called market clearing or equilibrium price). Select a good or service for which you believe there has been a shift in demand or supply. Based on your readings of the textbook, Internet-based and other resources, please explain the reasons behind the shift and how that has influenced the equilibrium price.
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