Please explain all the answer.

1.

Define what is meant by Consumer Surplus for any individual, and then define what is meant by the term, Producer surplus. Draw a graph and explain the areas of CS and PS.

2.

Please define opportunity cost, derive and explain.

Tony Lam wants to invest $1000000 in a store. The current interest rate at banks and in other investments is 5%. What is the opportunity cost of the investment in the store?

3.

Briefly graph and explain what is meant by an increase in demand and what is meant by a decrease in demand.