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Answer the following questions: 1 . Carefully explain the concept of the Production Possibilities Curve (Frontier). How does the Production Possibilities Curve illustrate the concepts of scarcity, opportunity cost and efficiency? Do we usually operate on the Production Possibilities Frontier? Explain this carefully. 2. Carefully explain the economic role of the government in a mixed economy. 3. Carefully explain the difference between the Law of Demand and Price Elasticity of Demand. 4. Carefully explain why the Supply Curve is sloping upward. 5. Suppose the supply of apples sharply increased because of perfect weather conditions throughout the growing season. Assuming no changes in demand, explain the effect on the equilibrium price and quantity of apples. 6. Using Marginal Utility analysis, carefully explain why the Demand Curve for a given product is sloping downward. 7. Carefully explain how consumers maximize utility of all the products they could possibly purchase