Explain the following questions

4. Scarcity as faced by an individual (Lecture Notes) a. Explain how individuals are constrained by their income and the prices they face? b. Illustrate these concepts with the use of a budget line in a two good universe while mentioning diminshing marginal utility. 5. Scarcity as faced by society in general. (Chapter 2 8: lecture notes) a. Sketch the simple input/output model with two outputs shown in lectue. b. Draw a two dimensional constant cost Production Possibilities Frontier. c. Draw a two dimensional increasin: cost PPF. d. Explain why the increasing cost PP bows out from the origin. (0r state differently: What causes opportunity costs to increase as more of a good is produced?) e. How is the Law of Increasing Costs related to the Law of Diminishing Returns? f. Show how seven major economic concepts can be illustrated with a