Complete the following questions in the form of short essays. Each question is worth 6 points. Be sure to cite your references when needed. T ype all responses following each question on this assignment page and submit to the Dropbox.

1. Answer the following questions about opportunity costs:
   1. Define opportunity costs.
   2. If you receive a free ticket to a concert for your favorite music artist, what is your opportunity cost of attending the concert?
   3. Suppose you own a printing/graphics business that provides professional printing and marketing services and web design to your customers. What might be an example of an opportunity cost that your business might experience?

1. Answer the following questions about a production possibilities curve:
   1. Why does the production possibilities curve have a shape which bows outward?
   2. Given the following example of a production possibilities curve for the two goods, why would you not choose point A?
   3. Given the following example of a production possibilities curve for the two goods, why would you not choose point X?
   4.