1. Describe as way someone could use the concept of opportunity costs this week.
2. The total revenue test is an easy way to explain elasticity. Why?
3. In a market system of economics price functions as a good rationing device for scarce resources. [Use both the concepts of supply (from the prospective of a provider of a good or service) and demand (from the prospective of a consumer) in your response.]
4. Government price floors and ceilings are always successful.
5. What is diminishing marginal utility and how does it relate in someone personal life? Reply
6. Economics is a zero sum game. Explain why. Reply (60-100 words)