This economics assignment addresses key microeconomic principles through a series of short-answer questions. Question 1 explores the production possibilities frontier (PPF) for a wine producer, analyzing efficient production points and the impact of external factors like drought. Question 2 delves into demand elasticity, calculating elasticity values and analyzing how price changes affect revenue. Question 3 examines market equilibrium, the effects of taxes on supply and demand, and the resulting consumer and producer surplus changes, as well as deadweight loss. Question 4 analyzes the impact of a price ceiling in a tutoring market. Finally, Question 5 investigates a firm's cost structure, including marginal product, break-even points, diminishing returns, and the relationship between various cost curves (AFC, AVC, ATC, MC) and labor costs.