Econ12 2,4)Please finish these 10 separate questions. I need your individual work.

Econ12 2,4)Please finish these 10 separate questions. I need your individual work. Each question should be at least 125 words.Answer each of the questions below in short-answer format. Write your responses in completesentences. Your answers to each question should include 2-3 paragraphs.Be sure to carefully read each question to ensure that each component is answered with theappropriate depth and detail. Assignment questions are cumulative, meaning they will havequestions from the current and previous lessons. Your answers should be free of spelling andgrammar errors. When you use reference material, you must properly cite your sources with intext citations. You must also include a reference list. All documentation must be rendered in APAcitation style. (See announcements for details on APA.)2)1. Explain Opportunity Cost and provide an example. 2. What is the difference between absolute advantage and comparative advantage? What is thebenefit of trade? 3. Provide a brief description of supply and demand. How is equilibrium used to determine themarket price and quantity? 4. Give an overview of what an inferior good is. What will happen when consumer incomesincrease? Include an example from your own life. 5. Minimum wage is a price floor. Explain some of the impacts that a price floor on the price oflabor may cause.4)1. What is the price elasticity of demand? How is the price elasticity of demand calculated? 2. Why is time such an important determinant in the elasticity of supply? Is time also importantin determining price elasticity of demand? Explain. 3. What is marginal utility? Why is the term marginal important in utility analysis? 4. Describe and explain the three principal methods of financing that are used by corporations. 5. What is the random walk theory? Explain.