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Running Head: MICROECONOMICS1MicroeconomicsName of StudentName of InstitutionMICROECONOMICS2Qn1By attending taking classes at the university this semester, I am going to spend money topay for tuition fees, buy books and pay for accommodation. I need to clear my tuition fees;otherwise, I would not be allowed to attend classes or sit for an exam. Without doing the exam, Icannot be graded or certified as having completed the required classes to qualify for mydiscipline. I will also need to clear money to buy books on which I will write and pay for thehostel. Money is scarce because it is the measure of a person's worth, and no one is rich enough.Qn2If I did not have to take classes this semester, I would have used the money that I will payfor tuition and accommodation to complete three things. I would have bought a new iPhone toreplace my old one. I would also have repaired my car audio system, and then I would have usedthe remaining to go on a safari in Africa. The money that I will pay for tuition this semester isenough to do all the three things. However, I must give them up if I want to take the classes;thus, they are opportunity costs that I will incur. ...


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