Discussion:
1) Why is studying for an exam subject to the law of diminishing marginal productivity? 100-200 words
2) A decrease in demand and a decrease in supply will decrease both price and quantity. (Explain) 100-200 words
3) Human capital (health, skill and useful knowledge) has little to do with a person's income. (Explain) 100-200 words
4) What is the difference between complementary and substitutes products? Why is this an important distinction? 200-300 words
5) Explain the difference between a long-run decision and a short run decision. Use an example. 100-200 words
6) Explain some of the problems of using cost analysis in the real word. 100-200 words
7) Why do firms maximize total profit rather than profit per unit? Use an example. 100-200