Question (15 marks)

The 4 core principles of Economics for making decisions are:

1.The Cost-Benefit Principle

2.The Opportunity Cost Principle

3.The Marginal Principle

4.The Interdependence Principle

Demonstrate the application of each of these 4 core principles to the following contexts.

1.Decisions by buyers(4 marks)

2.Decisions by sellers, and(4 marks)

3.Market equilibrium.