1. Use the following function to answer the questions below: y = 40 – 0.05x a What is they intercept? b. What is the x intercept? c. What is the slope of the function? d. Solve for x as a function of y. e. A second function is y =10 + 0.01x. What is the equilibrium? E Graph the two functions with y on the vertical axis and x on the horizontal intercept.
2. In each of the following situations identify the economic principle at work and explain: a. On your Reading Week trip your budget is limited to $35 a day. b. You decide how many cups of coffee to have when studying the night before an exam by considering how much more work you can do by having another cup versus how much it will cost you. c. The night before a test, you decide to go to the movies instead of studying. You get 50% on your test instead of the 70% that you normally score.
3. Consider a decision whether or not to go skiing for the weekend (two days). Suppose transportation, lift tickets, and accommodation for the weekend will cost $300. Suppose also that restaurant food for the weekend will cost $75 (normally you spend about $15 a day on food while at home). Finally, suppose you have a weekend job that you will have to miss if you go skiing, which pays you $120 for the one weekend day that you work. What is the opportunity cost of going skiing?
4. Use marginal analysis to explain why it is possible to “have too much of a good thing.” Use education as an example
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