4. (10 marks) The data below show the total production (in millions) of the only two goods produced in the countries of Carleton and Cumbria. Carleton 10 binoculars or 15 cameras Cumbria 12 binoculars or 9 cameras a} What is the opportunity cost of a binocular in Carleton? b) What is the opportunity cost of a camera in Cumbria? c) If, before trade, each country was devoting half its resources to producing each product, what is the total amount they were both producing? d) If the two countries were to specialize in producing the product they do best, what would be the total amount they could produce? e) What are the total gains as a result of specialization? 5. (10 marks) Stuff-Crust Pizza is a new pizza introduced by Pizza Hut. What happens to the equilibrium price and equilibrium quantity in each of the following situations? Explain each situation with an appropriate diagram. a. Due to weather conditions, crop yield {including wheat) decreased. b. The price of beer decreased c. Dominos Pizza introduced a similar type of pizza that sold for $1 less than the one by Pizza Hut. d. A recession reduced households' income. A new oven technology reduced the time it takes to bake a pizza