1) Explain the concept of scarcity, choice and opportunity cost.

Done a Iti-sin-prod.instructure.com A 53:27 Time Return Remaining Submit 3 8 points The table below shows the demand schedule for latte Price (US Quantity Dollar) demanded (units) 1 100 2 80 3 60 4 40 Based on the table above, a) Find the demand equation. (4 marks) b) Suppose that consumer preference has changed from latte to mocha, resulting in 10 units decrease of latte at each price level. What is the new demand equation? (4 marks) T Drag n' Drop here or Browse Submit