please help me to answer question 1 a, b, c and question 2a,b,c

Answer ALL questions (Compulsory). [Total: 100 marks] Q1. (a) Assume that Jeffrey has two options, whether to further studies or start a job after graduation. Explain the concepts of the scarcity, choice, and opportunity costs. (10 marks) (b) Company ABC has invented an advanced method in their production process. In order to cover the costs, they have announced to the public that the product price will increase starting from the following month. Explain the impacts on the equilibrium price and equilibrium quantity with the aid of diagram. (10 marks) (c) "If there is an increase in demand and supply, we can assure that the equilibrium price and quantity would increase simultaneously." Is the statement above true? Support your answer with appropriate discussion. (5 marks) [Total: 25 marks] Q2. (a) The table below shows the prices, quantity demanded, and quantity supplied of product A. Calculate the price elasticity of demand if the price changed from RM5 to RM15. Interpret your answer. (5 marks) Price (RM) Quantity Demanded (unit) Quantity Supplied (unit) 5 70 20 10 65 35 15 50 40 (b) The producer is managed to increase the total revenue by reducing the product price during the Covid-19. Discuss on the elasticity of the product with a relevant diagram. (6 marks) (c) Discuss on the market price effect on the consumer welfare with the aid of diagram. (8 marks) (d) Assume that the price of the product X and product Y remain unchanged, how could the equilibrium to be achieved when, (i) MUX > MUy Px Py (3 marks) (ii) MUX