Microeconomics Assignment #1:Chapter #1: The Economic Problem (50–points)Chapter #2: Demand and Supply: An Introduction (50–points) Chapter #1: 1. Why is economics relevant? (5–points)2. Identify and explain the three fundamental questions in economics. (5–points)3. What is the difference between factor of production and factor price? Give an example of each. (5–points)4. Choice implies opportunity cost. Explain […]