The production possibilities curve below shows the hypothetical relationship between the production of guns (national defense) and butter (social goods) in an economy. Combination Your response should be a number ONLY. 1. What is the marginal opportunity cost of producing the second unit of butter? 2. What is the total opportunity cost of producing the second unit of butter? 3. What is the marginal opportunity cost of producing the third unit of butter? 4. What is the total opportunity cost of producing the third unit of butter? Using the Supply and Demand data below, graph the equilibrium price and quantity for the market for oats. Identify the equilibrium price and quantity. (DO NOTlist every price and quantity in your graph.) Quantity demanded Quantity supplied (bushels of oats) (bushels of oats) Equilibrium Price $ Equilibrium Quantity Describe the market at a price of $4.20. At $4.20, there is a (select wither Shortage or Surplus) of (state a numerical value) units. Describe the market at a price of $3.60 At $3.60, there is a (select wither Shortage or Surplus) of (state a numerical value) units