Discussion:
1. Describe as way someone could use the concept of opportunity costs this week. Reply (60-100 words):
2.The total revenue test is an easy way to explain elasticity. Why? Reply (60-100 words):
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 respective of a consumer) in your response.] Reply (60-100 words):
4.Government price floors and ceilings are always successful. Reply (60-100words):
5. What is diminishing marginal utility and how does it relate in someone personal life? Reply (60-100 words):
6. Economics is a zero sum game. Explain why. Reply (60-100 words):