Task: The principal at your nephew's school has been very impressed with the kid's understanding of economic concepts. She has asked that you come speak to the entire school.
Problem 1. Give two everyday examples for the law of diminishing product. Please try to think of something creative that we have not heard about yet.
Problem 2. You own a business. Tell us about your business and tell us about two things you are considering changing in the short-run and two things that you are considering changing in the long-run.
Problem 3. Think of your household budget. Give an example of a fixed cost, a variable cost and a marginal cost in your household.