Discuss each of the economic ideas: People are rational, people respond to incentives, and optimal decisions are made at the margin.
1.) Discuss each of the economic ideas: People are rational, people respond to incentives, and optimal decisions are made at the margin. Please give an example of each.
2.) What is scarcity? Why is scarcity central to the study of economics? Please give a real world example of scarcity.
3.) What is a positive economic statement? What is a normative economic statement? Provide an example of each.
4.) Explain how consumer surplus is derived from the difference between the willingness to pay and the market equilibrium price. Please use examples to support your posting.
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Answer preview Discuss each of the economic ideas: People are rational, people respond to incentives, and optimal decisions are made at the margin.
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