question 1 Which of the following salaries is likely to have a greater proportion of rent? The annual income of Taylor Swift or the salary of a software engineer working for a gaming company. Explain.

question 2 describe your opportunity cost of studying economics today. Provides an appropriate example from everyday life

question 3 Consider a simple economy that uses all its resources to produce two goods, guns and butter. Suppose the economy is currently using all its resources to produce all guns and no butter. Using this example,

1. Make a table for this economy putting in values that illustrate increasing opportunity costs,
2. Explain how and why increasing opportunity costs occur as the economy moves from producing all guns to all butter

question 4 Think of a product whose demand or supply has been affected during the covid-19 pandemic. Identify a determinant of either supply or demand that has changed resulting in a new equilibrium. Describe with an explanation and a graph, illustrating the original equilibrium, a shift in one curve, and the new market equilibrium.