Understanding Microeconomics in the UAE ContextInstructions: Answer all five questions provided below. All questions carry equal marks $(6$ Marks for each question$).$ Ensure your answers incorporate relevant examples and applications related to the UAE context where possible. Be precise in your explanations and cite any external references used$\mathrm{.}1.$ Discuss the principle of "People Face Trade$-$offs" and provide an example of a trade$-$off decision that the UAE government faces when allocating its oil revenues. What are the possible opportunity costs involved in this decision?$2.$ The UAE is known for its open economy and reliance on international trade. Analyze how the concept of comparative advantage applies to the UAEs trade in crude oil and its growing role in renewable energy sectors$.$ How does trade benefit both the UAE and its trading partners?$3.$ In recent years, the UAE has seen fluctuations in housing prices. Using the concepts of supply and demand, along with elasticity, explain what factors might contribute to these price changes. How could government intervention in the housing market impact consumer and producer surplus?$4.$ Evaluate the telecommunications market in the UAE, where there are few major players, such as Etisalat and Du$.$ Discuss whether this market structure is best described as an oligopoly. What are the implications of this market structure for consumers in terms of pricing and innovation?$5.$ The UAE has been promoting sustainability through various initiatives, such as the UAE Vision $2021.$ Discuss how the concept of "cost of production" can be linked to responsible production practices. How can UAE firms reduce production costs while also ensuring sustainable practices?