Q1. When Betsy goes to make her list for tomorrow she is upset that she didn't get everything done. In a well-written paragraph explain the economics behind her inability to accomplish her entire list as well as her decision process in choosing some activities over others. Would you expect the choices she made today to have been different if she had an economics test tomorrow?
Q2. There are 300 purely competitive farms in the local dairy market. Of the 300 dairy farms, 298 have a cost structure that generates profits of $24 for every $300 invested. What is their percentage rate of return?