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Economics

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)

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