Q1. Explain how the market for bicycles. S1also D1are the original delivery also demand curves. D2 also D3 also S2 also S3 are possible new demand also delivery curves. Starting from the initial equilibrium point (#1), Illustrate what point on the graph is most likely to result from an increase in wages of bicycle workers also a significant increase in the price of gasoline?

Q2. Is the GDP per person a useful measure of economic well being?

Q3. You had chosen to take a trip during spring break if you had not gone you would either work a temporary job or studied for exams the opportunity cost of your trip.