Question 1 Explain the concepts of scarcity, choices and opportunity costs based on your own experiences when you signed up for a degree programme at Wawasan Open University, [20 marks] Question 2 Let's just say that price of product X is RM5 and the quantity bought is 100 units. Assume that the price of product Y increases from RM3 to RM5. The quantity bought of product X decreases to 80 units. Calculate the cross elasticity of demand between products X and Y. Determine the relationship between the two products. [25 marks] Question 3 Explain FIVE (5) differences between price ceiling and price floor. [25 marks] Question 4 Using a suitable diagram, explain how a long-run firm in prefect competition achieves equilibrium. Your explanation should also include the profit level of the firm in the long-run. [30 marks]