Explain the following each questions properly

1.Price floor control, if binding, would cause a surplus in the market. Explain it

2.How a binding price floor causes a surplus and could occur with a price floor?

3.If technological improvements decrease the cost of production, we expect equilibrium price to decrease and equilibrium quantity to increase. Explain it

4.When is it advantageous for Bill and Ted to specialize and trade with each other? It is always advantageous to specialize and trade with each other. How?

5.Define (1) the economic question and (2) provide a second more general definition of economics.

6.After a stressful week of exams, you decide to rent a cabin in southeast Missouri and spend the weekend fishing and in nature relaxing.Describe the opportunity cost of this choice.

7.List 4 demand determinants that cause a shift in demandandthe necessary changes in that determinant to cause anincreasein demand.

8.Describe the similaritiesanddescribe the difference between supply and quantity supplied.

9.Bud and Don are neighboring farmers.In a week, Bud can produce 800 gallons of milk or collect 5,000 eggs.In a week, Don can produce 600 gallons of milk or collect 8,400 eggs.Assume Bud and Don have linear production functions.

For what prices of a 1 gallon of milk (measured in number of eggs) are Don and Bud willing to specialize and trade with each other?