Assignment:
Part 1
Use short statement to answer the following.
1.in a short concsie statment relate scarcity, trade-offs, and opportunty cost.
2. List and describe the variables , other than price, thet cause a shift in the supply curve.
3. there are two conitions thet are required for a good yo be a pure public good, If both conditions are present, why won't a private firm provide them?
4. Describe the diffrenece between the short-run and the long-run.
5. Relate the marginal physical product (MPP) to the shape of the marginal cost (MC) curve. < this question needed to be answred by graphing
Part 2
https://money.cnn.com/2016/03/09/news/olive-oil-shortage-price/
read the oil article above then answer the following questions by explaining and garphing using supply and demand.
1.describe the olive oil market pre-2015 and that what the change to the market is post -2015.(garph)
2.what will happen to the market for the other oils which are close substitutes? (garph)