Problem 1. Suppose you were having lunch with your best friend who just enrolled in an economics class. He was complaining about how irrelevant the class was, commenting that he saw no useful purpose for economics. According to your friend, I am a nursing major. I will never use this stuff in the real world." Having just completed the same course in economics, you try to explain to your friend that economics affects everyone! How would you explain to this person that economics is a daily part of his personal and professional lives? Use at least three examples of microeconomics and macroeconomics in your response.
Problem 2. In economics, the demand for a product is considered downward sloping. This implies that demand increases when price decreases. Is this always true? Name some products for which the demand remains unchanged regardless of the price. Also, mention some products for which demand increases when the prices increase. Give appropriate examples and justify