Please answer the following questions. Thank you.

1. Problems and applications Q1 Which of the following are trade-offs faced by a family deciding whether to buy a new car? Check at.ll that appty. '- 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. '- 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 at! that appty. '- 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. I 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 at.II that appty. '- 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. Which of the following are tradeoffs faced by a professor deciding how much time to spend preparing for class? Check all" that appfy. ' The professor has taught the same subject for 4 years. I The better the lectureJ the better the professor's chances of tenureJ but time spent preparing the lecture decreases the time the professor has available to work on research. I The professor likes the students a let. which of the following are trade-offs faced by a recent college graduate deciding whether to go to graduate school? Check ai'i' that apply. ' Taking out more student loans means she may not able to purchase the new car she needs. I- If she goes to graduate schoolJ she won't be able to spend as much time with her family. '- Graduate school means fewer years of on-the-job experience