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