Please answer the following questions:

1. Problems and Applications Q1 Which of the following are tradeoffs faced by a family deciding whether to buy a new car? Check ai'i'that appfy. ' A newer model offers better protection and functions but is more expensive than an older model. I The same vehicle model is available at various car dealerships. l The vehicle is available in several colors. which of the following are trade-offs faced by a member of Congress deciding how much to spend on national parks? Check ai'." that apply. l National parks are essential to protecting wildlife from extinction. ' Money spent on national parks benefits park visitors, but alternatively the money could be spent on highways to benefit drivers. ' Dog ownership will surge as a result of better national parks. which of the following are trade-offs faced by a company president deciding whether to open a new factory? Check arithat appfy. ' The firm can either open a new factory or expand its current factory. I The firm can either pay out more of its profit to shareholders or earn additional profit next year by increasing production. I The firm can either open a new factory or upgrade existing equipment.