Discussion Problem

1. Create a supply and demand graph in Excel that demonstrates the relationship between the amount buyers are willing to purchase and the quantity available. You may select your own data points, but you must discuss the relationship between supply and demand within the economy, as well as discuss the concept of market equilibrium. Please attach your graphs along with your discussion in your response. Provide an explanation for the value graphing supply and demand and analyzing the data can have on decision-making in a business and the economy.

2. View "Trade-Offs and Opportunity Costs," located on the YouTube website. Share an example of your own experience in which you had to decide on an opportunity cost that would affect you. What outcome did the decision have on your economic situation?