Question: All questions are complete. Nothing is missing. Please give detail explanations! (a) Basic economic problem is all about scarcity, rational choices and opportunity cost. Explain

All questions are complete. Nothing is missing.

Please give detail explanations!

(a) Basic economic problem is all about scarcity, rational choices and opportunity cost. Explain how these concepts are interrelated. [ 8 Marks]

(b)Identify any five determinants of the demand for any good/service of your own choice in Mauritius. Explain how each determinant is likely to influence the demand of the good/service that you have chosen. [10 Marks]

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