Please answer each questions briefly with references. Thank you,

Question 1) What is Economics? Also explain Production Possibilities Model? Question 2) Answer the questions based on the figure below, which is for the country of Quantz. (5 Marks) Production Possibilities for Coffee and Tea 280 240 200 W 160 X Quantity of Coffee 120 80 40 Z 0 80 160 240 320 How much tea is gained and what is the cost in coffee? a. In moving from U to VL tea is gained at the cost of coffee. b. In moving from W to X tea is gained at the cost of coffee. c. In moving from Y to Z tea is gained at the cost of coffee.Question 3) Utopia produces only two products: cheese and wine. The production levels are shown in the table below. Cheese Wine % inputs output % inputs output 0 0 0 0 20 60 20 80 40 100 40 140 60 130 60 190 80 150 80 210 100 160 100 220 a. From this data, complete Utopia's production possibilities table below. (5 Marks) Possibility A B D E F Cheese 0 Wine 0 b. Utopia (Click to select) produce 130 cheese and 190 wine. c. If Utopia is at D, the total cost of 20 more cheese is wine. d. If Utopia is at D, the total cost of 50 more wine is cheese.Question 4) The figure below shows the market for large bags of potato chips. Answer the following questions based on the figure provided. a. Equilibrium price is $ and equilibrium quantity is b. If the price is $4.50, there is a (Click to select) of units. c. If the price is $3.00, there is a (Click to select) Iunits. 6 S 5 D 4 Price ($) 3 2 10 20 30 40 50 60 Quantity per week